 Photo by Debby Hudson on Unsplash Happy Thanksgiving everyone! I hope you and your family are well. I can’t believe it is already October. I am grateful for many things - health, family, friends, home, etc. I am sure you have many things you are thankful for. 🙂 This past summer I had an opportunity to do some networking and I am happy to report that I recorded a few reels with a tax lawyer and with a DIY (Do It Yourself) investor, asking them to share money-related tips. This newsletter is longer than usual because I want to share the tips with you. Here are tips from Anna Malazhavaya, a tax lawyer from Advotax Law in Toronto. Q1: When should you see a tax lawyer? A1: 1. If your accountant (or tax professional) asked you to. 2. If you want to maintain SCP (Solicitor Client Privilege) - where a client can communicate candidly and in confidence with his/her lawyer. 3. If you would like to receive comprehensive tax advice. Q2: What should you do if you are audited by CRA (Canada Revenue Agency)? A2: 1. Hire a professional who can advise you on what you should or should not provide to CRA. 2. Budget your time to collect documents that CRA requests. 3. Do not ignore the time limit set by CRA. If you need more time, request it from the CRA auditor. Here are tips from Bilaal Dhalech, a DIY investor.
Here are my tax tips for students, which were originally scheduled to be published in September.
That’s all for now. Due to my workload, I may not be able to publish a November newsletter. So see you in December. Sources:
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 Photo by Kate Russell on Unsplash Greetings everyone! I hope you are enjoying your summer; I certainly am, as the 2024 tax season is finally over!! It is now time for slower, warmer days. This newsletter is for July and August as I plan to take August off to get some rest.
I received a notification about the passing of a friend in June, and of a student at my child’s school in July, so I decided to pick estate planning as a topic for this time. What is estate planning? According to Investopedia, “Estate planning refers to the preparation of tasks that manage an individual's financial situation in the event of their incapacitation or death.” Source: https://www.investopedia.com/terms/e/estateplanning.asp Or if I may put it in my own words: Estate planning is making a plan on what to do with your finances and yourself (your body/health) when you are incapable or when you die. Thus, this includes creating legal documents such as Will, Power of Attorney and Healthcare Directive. Did you know that the Bible also talks about Will & Estate Planning? I was listening to an audio Bible some time ago and was surprised to hear 2 Kings 20:1, when God talked to King Hezekiah. Here is a quote from New International Reader’s Version: “In those days Hezekiah became very sick. He was about to die. Isaiah the prophet, the son of Amoz, went to him. Isaiah told Hezekiah, “The Lord says, ‘Put everything in order. Make out your will. You are going to die soon. You will not get well again.’ ” I thought “Wow, God does ask us to take care of our stuff before we die!” So, here are this month’s tips.
Enjoy summer while it lasts, wherever you are, and see you in September! |
AuthorCommitted to help clients to be literate about their personal financial situations, to reduce their money-related stress, and to help them achieve their financial goals. Archives
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