Padgett Business Services at York
6 Cathedral High Street L6C 0P2 Markham, ON, Canada

Tax Loss Selling Consider selling investments in your portfolio that have accrued losses to offset capital gains that you may have realized on other investments during the year. The losses can also be used to offset capital gains realized in the 3 previous years. Of course, we are referring to investments held outside of an RRSP. However, you must be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date. Consult Padgett at York to obtain additional tax planning ideas.

Contribute to Your RRSP Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim a contribution of up to 18% of 2018 earned income to a maximum of $26,500. Earned income is defined as income from employment, business, net rental income from real estate, CPP/QPP disability pension, certain types of royalties, and spousal or child support payments that are included in your income.... The contribution limit may be subject to the year 2018 pension adjustments. Pension adjustments reflect, in most cases, your employer’s contributions to a pension plan or actuarial commitments to such plans in the year 2018. You can contribute to your RRSP up to December 31st in the year you turn 71 years old. This is also the age/date limit for converting your RRSP into a RRIF or annuity otherwise the full proceeds of your RRSP will become taxable. Even if you are over 71, if you continue to have earned income and your spouse is 71 years of age or less in the year, consider contributing to a spousal RRSP for them. You will be entitled to the RRSP deduction on your return. Consult Padgett at York to obtain additional tax planning ideas See more

Eligible Deductions & Credits If you pay the following expenses by December 31, 2019, they will be eligible for deductions or credits on your 2019 personal tax return: Childcare expenses Deductible support payments... Charitable donations Union and professional dues Moving expenses Political donations Accounting fees Medical expenses Investment counsel fees Interest paid on loans used to purchase investments Tuition fees Consult Padgett at York to obtain additional tax planning ideas See more

PADGETT BUSINESS SERVICES joins forces with Intuit QuickBooks Canada Toronto, November 19, 2019 PADGETT BUSINESS SERVICES, a leading source for small business tax, accounting, payroll and business advice, and Intuit Canada, makers of QuickBooks, Canada’s leading financial management software, have joined forces to create greater efficiencies in Padgett’s cloud-accounting services for small business owners. Under this agreement, Padgett has selected QuickBooks’ all-in-one ...accounting software as their cloud accounting technology of choice, which will allow Padgett’s accountants and clients to leverage QuickBooks’ suite of financial tools designed to save time and money, by connecting essential business tools that make it easy to bring financials into focus. This will allow small business owners to focus on making important business decisions, while enabling their growth and prosperity. For Padgett, this agreement allows their focus to remain on providing vital business analysis, interpretation and advice to their clients. See more

Wills and the Executor (2) Here are some of the responsibilities of an executor: Open a bank account for the estate. Arrange the probate of the will if applicable. ... Assess the income tax situation and file any required returns. Pay the bills of the deceased and the estate. Make provision for the immediate needs of the spouse and any dependents. Set aside reserve funds for the payment of estimated debts, taxes, probate fees, and compensation for the executor. Prepare an interim distribution to the beneficiaries if available. Conflicts often arise between the executors and the heirs. The beneficiaries may be suspicious of the executor because he or she does not have enough knowledge or skills, is insensitive, is too hasty, shows favoritism, etc. Anyone who is appointed as an executor should be aware that these are common situations during emotional times. An executor requires many skills. One of the most important is the ability to know when outside expertise is required. An executor frequently hires a lawyer, accountant or trust company for assistance. Sometimes, appointing an independent outside party, such as a trust company as the executor may be the best choice, especially when a family conflict can be expected, although it can be costly.