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Getting Kids Ready for Back to School: Tips for a Smooth Transition

As summer winds down, the excitement and anticipation of a new school year begin to build. Preparing your kids for back to school can be a fun and rewarding experience with a bit of planning and organization. Here are some tips to help ensure a smooth transition: 1. Establish a Routine Start adjusting your child’s sleep schedule a week or two before school begins. Gradually move bedtime earlier and wake them up closer to the time they’ll need to get up for school. This helps their bodies adjust and makes the first week back less of a shock. 2. Organize School Supplies Make a list of necessary school supplies and involve your child in the shopping process. Letting them choose their notebooks, pens, and backpacks can make them more excited about the new school year. Don’t forget to label everything with their name! 3. Create a Study Space Set up a dedicated, clutter-free area for homework and studying. Ensure it’s well-lit and stocked with all the supplies they might need. Having a speci
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5 Tax Changes to Watch Out for in the Upcoming Federal Budget

 

As Finance Minister Chrystia Freeland prepares to deliver the federal budget on April 16, speculation abounds about potential tax changes. While we can’t predict the exact content, let’s explore some possibilities that could impact Canadians. Here are five areas to keep an eye on:

  1. Alternative Minimum Tax (AMT):

    • The AMT ensures that high-income individuals pay a minimum level of tax, even when they claim deductions, exemptions, or credits. Last year’s budget proposed changes to the AMT rules, including raising the rate to 20.5% and broadening the base. Charitable donors should pay attention, as only 50% of the donation tax credit is permitted when calculating the AMT.
    • Tip: Look out for any adjustments to the AMT that affect your tax planning.

  2. Lifetime Capital Gains Exemption (LCGE):

    • The LCGE allows small business owners to shelter capital gains from the sale of qualified shares. Any changes to this exemption could impact entrepreneurs and investors.
    • Tip: Keep an eye on potential alterations to the LCGE limit.

  3. Retirement Taxes:

    • Retirement planning may see adjustments. Watch for changes to Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), and other retirement vehicles.
    • Tip: Stay informed about any modifications affecting your retirement savings.

  4. Top Tax Bracket:

    • Currently, the top federal tax rate kicks in at an income of over $246,752. The NDP previously proposed raising it to 35%. Will this idea resurface?
    • Tip: High-income earners should monitor any shifts in tax brackets.

  5. Capital Gains Inclusion Rate:

    • The inclusion rate determines how much of your capital gains are taxable. A change here could impact investors and property owners.
    • Tip: Be aware of any adjustments to the capital gains inclusion rate.

Remember, these are potential changes, and we’ll have to wait for the official budget announcement to know for sure. Stay informed, consult with a tax professional, and be prepared to adapt your financial strategies accordingly. 

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