Over the next few weeks, most Canadians will have to face their tax bill. However, there are some changes and credits that may help your clients pocket some extra savings.
While there are basic credits available to Canadians on an annual basis, there are always some changes made to lesser-known credits each year that could add up in savings for those who are eligible.
“With the right strategies and knowledge of this year’s available tax credits it may be possible to reduce your [clients’] tax bill,” says Myron Knodel, director of tax and estate planning at Investors Group. “By understanding what new credits exist and how to use them, you can turn the tables on the tax man and lessen [their] tax burden.”
More importantly, it is crucial for clients to have all of the information well in advance of the tax deadline. By urging them to plan ahead, you can help reduce stress and increase savings.