Knowledge Bureau Report

Managing TFSA Misconceptions: Avoiding Errors and Omissions

By : Walter Harder Posted in: Strategic Thinking, Current Issue
The Tax Free Savings Account (TFSA) has been with us for a decade now, yet there are many misconceptions about it. For example, the 2019 contribution limit is $63,500 for those who have been eligible to contribute every year since 2009. That’s residents of Canada who are 18 or over. If you turned 18 in 2019, however, you would contribute based on the current year limit of $6000. Another big problem: when to replenish your withdrawn funds.

Are Canadians Financially Literate? Professional Advisors Weigh In

By : Beth Graddon Posted in: Strategic Thinking, Current Issue
New data from the 2019 Canadian Financial Capability Survey* shows that Canadians are under increasing financial stress. However, only 49% seek the help they need from tax and financial advisors. Additionally, according to the pros who answered Knowledge Bureau’s poll last month, there are significant knowledge gaps that exist among Canadians when it comes to their financial literacy. The reasons are both diverse and very interesting. 

Doing Good for Disabled Clients: Help Them Claim All Their Disability Tax Credits

By : Walter Harder Posted in: Strategic Thinking, Current Issue
The disability tax credit is often overlooked by taxpayers and can result in big tax savings or refunds, especially if the taxpayer fails to claim it for several years. Prior filed returns can be adjusted but only back 10 years. Therefore, the deadline for claiming this credit, as well as most other deductions and credits for 2009 is December 31, 2019.

Explore, Engage & Thrive: Canada’s Most Comprehensive T1 Tax Update

Posted in: Strategic Thinking, Current Issue
If you are a professional tax and financial advisor, it is your job to know all the personal tax nuances your clients will face as they discover a multiplicity of new tax form challenges in the tax filing season 2020. This year, register no later than January 10 for the CE Summits, which are expected to sell out in 6 cities:  Winnipeg, Toronto, Ottawa, Calgary, Edmonton and Vancouver. But there is another important reason to come: multi-advisory business referral opportunities.

Budgeting and Debt Management Tips for Canadians

Posted in: Strategic Thinking, Current Issue
Are you tightening your belt on holiday spending. . .or will there be a lot more than a lump of coal in your Christmas stockings this year? There are few things worse than having bills come due without money in the bank to cover them. But, for far too many Canadians, it is a reality more often than we would like to admit. That’s why Advisorsavvy has put together a list of budgeting and debt management tips for us to share with you.

Caring is Sharing Financial Knowledge

Posted in: Strategic Thinking, Current Issue
Soon, a new decade begins and Canadians face a number of financial challenges, including the growth of debt-to-disposable income levels. Plus for seniors, there is the prospect of diminishing pensions as they face stock market volatility. Against this backdrop is the opportunity for tax and financial advisors to provide care by sharing more of their tax and financial knowledge in 2020.