Much like the annual physical recommended by your physician, your personal tax situation should have an annual check-up. Our check-up for you happens when your slips and receipts are submitted for preparation of your personal income tax return. As with your physician, if we don’t know what ails you (your taxes), we can’t investigate prescribed treatments.

The top 10 “ailments” for your personal taxes:

1. Proposed or recent changes to your will
2. Proposed or completed dispositions of significant assets, including gifting
3. A trustee or beneficiary of your estate has taken up residence out-of-country
4. Change in marital status and/or an agreement for support receipts/payments
5. Investment in a “tax shelter” or a digital currency such as Bitcoin
6. Foreign holdings or investments (including foreign amounts inherited)
7. Notification of a review or audit by the Canada Revenue Agency
8. Potential eligibility for the disability tax credit
9. A new interest in a joint-venture, partnership or corporation
10. Past residency in a foreign country and potential foreign reporting requirements

We are here to help you protect your assets and determine the best alternatives available. Let your advisor know as soon as a change is anticipated so we may be proactive together.