News

All items tagged with: income splitting

The Impact of Change: Retirement Planning Services Must Evolve

Posted: May 15, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, Evelyn Jacks, retirement planning, Tax Reforms, tax courses, retirement income, CPP, wealth management, tax changes, income splitting, financial education, financial workshops, US tax, cross-border tax, healthcare costs

The transformation of the CPP, new income splitting rules for family business and more are changing the retirement planning game, and a new study shows that clients find the most value when their tax or financial advisors make retirement-related services a priority.

Helping Seniors: Understanding GIS Clawbacks

Posted: May 08, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, tax credits, knowledge bureau, Evelyn Jacks, guaranteed income supplement, old age security, clawbacks, income splitting, financial education, CE summits, Knowledge Journal, tax efficient income, claiming benefits, financial workships

Exactly when can a claim be made for Guaranteed Income Supplements (GIS)? Many seniors who qualify for Old Age Security may, in fact, be able to make a further claim for the GIS. But there is some income testing to be aware of. Astute tax and financial advisors can help, thereby providing invaluable advice.

Poll Results: Budget 2018 Misses the Mark

Posted: April 03, 2018 By : Knowledge Bureau Writing Staff
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, Evelyn Jacks, federal budget, tax courses, financial advisors, income splitting, tax advisors, financial education, small business tax, CE summits, Liberal government, Morneau, online courses, financial workshops, passive investment income, budget 2018, online campus

According to Knowledge Bureau’s March poll results, financial professionals agree that Budget 2018 misses the mark. Why do tax and financial advisors believe that simplicity and fairness, in particular, were not addressed, and what impact does this have on the services you provide?

A Sigh of Relief Regarding Passive Investment Income: But No Grandfathering

Posted: March 06, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, small business finance, knowledge bureau, Evelyn Jacks, corporate tax, tax courses, finance minister, income splitting, tax education, tax reform, CE summits, Liberal government, Morneau, unfair tax changes, family businesses, tax workshops, financial workshops, online education, private corporation tax, passive investment income, budget 2018, small business deduction, grandfathering tax provisions, aggregate investment income, frostiak and leslie

Two new measures were introduced in the February 27, 2018 budget that curtail the advantages of investing inside a private corporation, starting in 2019. All was met with a collective sigh of relief, considering the flawed fall proposals. However, there is still a twist - no grandfathering provisions for private corporations under two new proposals:

Federal Budget 2018: Liberals to Unveil It on February 27, 2018

Posted: February 12, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, Evelyn Jacks, Small Business, federal budget, tax courses, income splitting, tax education, entrepreneur, Liberal government, Morneau, unfair tax changes, online education, middle class, income tax changes, passive investment income, income tax credits

February promises to go out like a lion with yesterday’s announcement that the 2018 budget will be unveiled on February 27, 2018. It’s interesting timing. Other important milestones: CRA starts processing 2017 tax returns on February 26, the T4/T5 tax slip deadline is on February 28 and the RRSP filing deadline is March 1.

Budget 2018: Its Place in Canadian Tax History

Posted: February 06, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, CRA, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, federal budget, tax courses, finance minister, tax changes, income splitting, financial education, tax reform, family wealth, Morneau, tax history, income sprinkling, unfair tax changes, business tax, online education, Edgar Benson, Tax Reform 1969, Royal Commission on Taxation

What should we anticipate in this year’s federal budget? Evelyn Jacks weighs in on the anticipated changes – and who will be affected by them - with signals already clearly evident from recently released Finance Canada documents.