Ah youth. Gangly, goofy, sweaty, striving fawns at play. As adults, at some point we negotiate terms with middle age, but children in sports - especially our own - awaken something in us which nearly replaces our own fading juice. You can see it in any parent's eyes as they grunt and yearn in unison with the action in front of them.
So as much the icy wind and rain compelled me to the warmth of my truck for the last part of the game, I dearly wanted to stay close to the action. My son was quarterback of the green team and I was drinking in every moment.
It must have looked ridiculous, me walking backwards, facing the game, glancing periodically at my truck. I just couldn't bear to miss even a moment of action, especially when my son was on the field. Eventually making my way to the driver's side of the truck, one eye still on the green team - I felt as though someone was watching me - and looking across the street, there she was.
A retirement facility next to the field walled her in. Its window was not so much her prison as was the desolation in her eyes. Was she watching the game too? No.
She was watching me watch the game.
I was in the game she had known an instant ago. The parent. Anxious, cheering, getting my hands dirty. Driving to and fro, shopping, feeding, clothing, working, sleeping, staying awake. Worrying, worrying and worrying some more. The boys on the field were too far away for her now, a fuzzy memory. I paused a moment before getting in the truck, glanced at her, then back at the field.
After the game, I helped put away the gear, thanked the coach and walked my son back to the truck. The ghost was still hovering, arms folded, knowing.
She drew my eyes to her, not quite expressionless. Time hung in the air between us - a hummingbird. In an almost imperceptible gesture - with an odd mixture of melancholy and lunch-ladyness - she nodded, and a hint of a smile broke at the edge of her mouth.
"Enjoy it young fella," she seemed to say. "It'll all be over soon enough."
Then she was gone.
Like a day at the park with your child, opportunities for tax planning are fleeting. Here is part three of our year-end strategies for 2014:
Year-end Bonus Planning
Receiving a bonus prior to year-end creates additional Registered Retirement Savings Plan (RRSP) deduction room for 2015 if you have not yet reached the maximum 2015 RRSP deduction limit. Furthermore, receiving a bonus prior to year-end may also allow greater employee/employer pension and/or employee profit sharing plan contributions for 2015 if these contributions are based on the prior year's total compensation.
However, if you will be receiving a year-end bonus, consider deferring the receipt of your bonus (if your employer permits) to early 2015 if you expect to be in a lower tax bracket next year.
If the bonus is paid directly to you there will be withholding taxes at source on the bonus payment. However, if your employer permits, some or all of the withholding taxes on the bonus can be avoided if it is transferred directly to your RRSP. You must have adequate unused RRSP deduction room in the year of transfer.
Note that if your bonus is deferred to 2015 the amount is deductible to your employer in the year it is declared if it is paid within 180 days of the corporation's year-end. The bonus is taxable to you as employment income in the year it is received.
Tax Installments
If you are required to make quarterly tax installment payments to the Canada Revenue Agency (CRA), you should make your final payment on or before Dec. 15 to avoid late interest charges. If you missed an earlier installment payment deadline, then you may want to consider making a larger final installment payment or make your final installment payment earlier than the Dec. 15 deadline to minimize late interest charges.
You may have the opportunity to reduce or defer your tax installment liability by switching the method you use to calculate your installments. For example, it may be more advantageous to base your installments on the current year's estimated taxes, rather than on taxes owing for the prior year. However, you must be very careful when paying less than the amount on the CRA tax installment statements. If you underestimate your tax installments for the current year based on your own calculation, you could be subject to interest and penalties for not paying the full amount on the CRA tax installment reminder statements.
This publication is not intended as tax or legal advice. Readers should consult a qualified legal, tax or other professional to ensure that their individual circumstances and the latest information have been considered properly.
Mark Ryan is an advisor in Prince George with RBC Wealth Management, Dominion Securities (member CIPF) and can be reached at [email protected].
