Tax planning checklists for clients

(January 2008) Happy New Year and welcome to tax season, 2008. In December each year we publish a package of tax advice, CRA updates, checklists and client tip sheets for you to use in your practice at tax time. Although many details need to be taken care of before the fireworks go off at midnight on December 31, our template client letters, checklists and related resources can be useful all year long.

Talking to clients: Are your clients paying too much tax? The chances are pretty good that they are, according to a survey conducted by Mackenzie Financial. The survey asked Canadians 10 true or false questions about 2007’s tax changes. On average, respondents were able to answer only three of the 10 questions correctly.

Many of the questions on the quiz are related to changes announced in the last federal budget. To help clients understand how they’ll be affected by the new rules we’ve outlined the changes for you to download and take to your next client meeting. Click here to read about tax changes for 2007 and download the pdf summary of tax savings for 2007 to use with clients.

Documentation checklist: There are so many details to remember at this time of year that many readers tell us it feels like they might be forgetting something. To help Knowledge Bureau’s president Evelyn Jacks has created this handy documentation checklist outlining the new rules introduced in the past federal budget — a list of facts and opportunities to discuss new tax efficiencies with your clients. Click here to download the checklist.

Want more? Check out the complete package, entitled Ahead of the Pack: Tax tips for 2007 to download template client letters, product information, tools, resources, related reading and more.

What do you think? Let us know by sending your letters to feedback@advisor.ca.

(01/02/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.