PADGETT-Laval

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2018 is almost upon us as the year draws to a close. It’s time, once again, to take advantage of the many personal and business tax-planning opportunities that are still available.

If you pay the following expenses by December 31, 2017 they will be eligible for the deductions of credits:

→ Childcare expenses
→ Deductible support payments
→ Charitable donations
→ Union and professional dues

→ Moving expenses
→ Political donations
→ Accounting fees
→ Medical expenses

→ Investment counsel fees
→ Interest paid on loans used to purchase investments
→ Tuition fees

Lifetime Capital Gains Exemption (LCGE)

On January 1st, 2017, the LCGE increased to $835,716 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years following 2014. The new limits apply to any taxpayer who has claimed the LCGE previously.

For dispositions of qualified farm or fishing property, the LCGE increased to $1,000,000 on April 10, 2015.