tax planning and school fees: are you fully...
TRANSCRIPT
![Page 1: Tax Planning and School Fees: Are you fully optimized?kgms.kgms.ca/wp-content/uploads/2020/05/Tax-Planning-and-Schoo… · you fully optimized? KGMS Parent Information Session Rise](https://reader035.vdocument.in/reader035/viewer/2022071115/5ffaf68325b8a26433015b39/html5/thumbnails/1.jpg)
TaxPlanningandSchoolFees:Areyoufullyoptimized?KGMSParentInformationSessionRiseCPAandVELAWealthMay21,2020
![Page 2: Tax Planning and School Fees: Are you fully optimized?kgms.kgms.ca/wp-content/uploads/2020/05/Tax-Planning-and-Schoo… · you fully optimized? KGMS Parent Information Session Rise](https://reader035.vdocument.in/reader035/viewer/2022071115/5ffaf68325b8a26433015b39/html5/thumbnails/2.jpg)
Agenda
Introduction Theroleoftaxplanning BenefitProgramsandKeyDates PrivateHealthServicePlansvsGroupBenefits TaxDeductions–Individual&Corporate
![Page 3: Tax Planning and School Fees: Are you fully optimized?kgms.kgms.ca/wp-content/uploads/2020/05/Tax-Planning-and-Schoo… · you fully optimized? KGMS Parent Information Session Rise](https://reader035.vdocument.in/reader035/viewer/2022071115/5ffaf68325b8a26433015b39/html5/thumbnails/3.jpg)
Introduction
HussainHajiCPA,CAPartner
RobWallisPartner–VELAWealth
![Page 4: Tax Planning and School Fees: Are you fully optimized?kgms.kgms.ca/wp-content/uploads/2020/05/Tax-Planning-and-Schoo… · you fully optimized? KGMS Parent Information Session Rise](https://reader035.vdocument.in/reader035/viewer/2022071115/5ffaf68325b8a26433015b39/html5/thumbnails/4.jpg)
TheRoleofTaxPlanning
![Page 5: Tax Planning and School Fees: Are you fully optimized?kgms.kgms.ca/wp-content/uploads/2020/05/Tax-Planning-and-Schoo… · you fully optimized? KGMS Parent Information Session Rise](https://reader035.vdocument.in/reader035/viewer/2022071115/5ffaf68325b8a26433015b39/html5/thumbnails/5.jpg)
BenefitProgramsandKeyDeadlines CanadaEmergencyResponseBenefit(CERB)–week3
IfeligibleforCERB,eligibleforEmergencyWorkerBenefitfor$1,000
CanadaChildBenefittop-up–ShouldreceiveinMay($300perchild) CanadaEmergencyBusinessAccount(CEBA)-expanded BCCommercialRentAssistanceProgram(ApplicationsopenMay25,2020) TaxDeferralsandDeadlines
PersonalTax DeadlineJune1,2020 PaymentDeadlineSeptember1,2020
CorporateTax(Decemberyearend) DeadlineJune30,2020 PaymentsDeferredtoSeptember1,2020
![Page 6: Tax Planning and School Fees: Are you fully optimized?kgms.kgms.ca/wp-content/uploads/2020/05/Tax-Planning-and-Schoo… · you fully optimized? KGMS Parent Information Session Rise](https://reader035.vdocument.in/reader035/viewer/2022071115/5ffaf68325b8a26433015b39/html5/thumbnails/6.jpg)
MedicalTaxDeductionExample-Individual
PersonalTaxReturn PaidPersonally
MedicalExpense(ifeligible) $25,000
(3%ofnetincomeormaximum$2,352)Deduct
$2,352
Expenseavailableforcredit $2,648
Non-refundableTaxCredit(20%)
$4,530
Exampleassuminghighestrateoftax
Childcareexpenses(Reductionofnetincome–marginaltaxratesavings) Under7yearsofage-$8,000 7–16yearsofage-$5,000 Thoseeligiblefordisabilitytaxcredit-$11,000.
Note:Eligibleinanytwelve-monthsendinginthetaxyear–carryforwardifnotused
![Page 7: Tax Planning and School Fees: Are you fully optimized?kgms.kgms.ca/wp-content/uploads/2020/05/Tax-Planning-and-Schoo… · you fully optimized? KGMS Parent Information Session Rise](https://reader035.vdocument.in/reader035/viewer/2022071115/5ffaf68325b8a26433015b39/html5/thumbnails/7.jpg)
TaxDeductionExample-Corporate
PrivateHealthServicesPlan(“PHSP”) PaidCorporately
Expense–E.G.SchoolFeesatKGMS(ifeligible)
$25,000
AdminFee(10%) $2,500
Tax-deductibletotal $27,500
Corporatetaxsavings(11%–27%) $3,025-$7,425
Note:Besuretospeaktoyouradvisors,eachindividualcircumstanceisverydifferent!
![Page 8: Tax Planning and School Fees: Are you fully optimized?kgms.kgms.ca/wp-content/uploads/2020/05/Tax-Planning-and-Schoo… · you fully optimized? KGMS Parent Information Session Rise](https://reader035.vdocument.in/reader035/viewer/2022071115/5ffaf68325b8a26433015b39/html5/thumbnails/8.jpg)
Anyquestionsandareyouoptimized?
PleasereachouttoHussainorRobtodiscussyourtaxstructureandpotentiallyusingthePHSP:
HussainHaji
6049364377 [email protected]
RobWallis 6047797052 [email protected]