| Upon reviewing a client’s Notice of Assessment, it appeared that they did not take advantage of all of the deductions they were entitled to (carrying charges, to be specific). We determined that the client had not been utilizing the “Fees Paid” statement that was provided to them annually at tax time. Further investigation (looking at five year comparable tax summary) revealed that this had been the case for many years. We referred a qualified accountant to the client, provided the fee summaries for past years, and they were able to refile and obtain a $17,000 refund. | It appeared that a client had not taken full advantage of income splitting opportunities available to them and their spouse. This was discovered upon review of their notice of assessment. The married couple were using separate accountants and were not aware of this benefit. We referred them to a qualified accountant who refiled their taxes, optimally split their income, and saved them thousands of dollars. | A couple were concerned about their OAS being clawed back. It was determined that they were not invested in portfolios where the fees were tax-deductible, rather, the fees were embedded in their investment holdings. They moved their accounts to CIBC Wood Gundy, where their investment management fees are tax deductible. These deductions eliminated any OAS clawback. |
