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All items tagged with: low income

Do Government Transfer Programs Really Help?

Posted: December 11, 2018 By : Beth Graddon
Posted in: Strategic Thinking , seniors, tax credits, statistics canada, income disparities, low income, social assistance, government transfer programs, assistance programs

New data from Statistics Canada shows that government transfer programs have a positive impact on getting Canadians out of low-income status. But for some demographics, these positive effects have declined over time. It’s a timely topic, as the holiday season reminds us that the most vulnerable demographics, which includes women and seniors, may not have the resources to enjoy the holidays or share with their families.

Education: The Secret to Joining the Millionaires’ Club

Posted: October 16, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , High Net Worth, investment, global wealth, low income, 1%, wealthy, rich, millionaire's club, wealth accumulation

Global wealth is on the rise. Over the past decade, it’s increased by 27 percent*; and estimates show that by 2022, global median wealth will grow to $341 trillion USD, with the number of millionaires worldwide totaling 44 million,** a 22 percent increase from today. Remaining in the market since the financial crisis ten years ago has been prosperous for many investors – but how can average Canadians join the growing millionaires’ club?

CRA’s File My Return Misses the Mark

Posted: August 27, 2018 By : Beth Graddon
Posted in: Strategic Thinking , tax preparation, Financial Literacy, CRA, tax credits, knowledge bureau, Evelyn Jacks, Essential Tax Facts, tax filing, fixed income, distinguished financial advisor, tax course, income tax returns, tax deadlines, low income, File My Return, electronic filing, efiling, Netfile

Nearly 90 percent of Canadians filed their tax returns online this year. Despite this, low adoption rates show that some of the CRA’s automated programs are missing the mark - at least so far - and may be failing to improve the rates of taxpayer filing delinquency.

When Canadians Struggle: Education is the Solution

Posted: May 29, 2018 By : Knowledge Bureau Writing Staff
Posted in: Strategic Thinking , Financial Literacy, education, knowledge bureau, Evelyn Jacks, tax courses, income equality, tax education, education statistics, online education, low income, middle class, Business Builder Retreat, poverty, Esecutive Business Builder Program, professional tax preparation

Despite good trends in overall wealth accumulation in Canada, recent reports show that many Canadians struggle financially with increasing personal debt levels, and rising mortgage interest rates. The  2018 Budget also voiced concerns about income equality and diversity, but it’s clear education is a key part of the solution.

The Trusted Tax Professional vs. CRA’s New “File My Return”

Posted: January 09, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , CRA, tax credits, knowledge bureau, Evelyn Jacks, income tax, tax courses, tax deductions, financial education, tax news, CE summits, Distinguished Advisor Workshops, tax workshops, financial workshops, personal income tax, low income, File My Return

This week the National Revenue Minister announced a new program called “File My Return” that will allow Canadians with low and fixed incomes to complete their returns over the phone.

Changes to CPP Will Reduce OAS Benefits for Thousands: How Can You Help?

Posted: August 29, 2017 By : Tamar Satov
Posted in: Strategic Thinking , seniors, tax credits, knowledge bureau, Canada Pension Plan, Evelyn Jacks, guaranteed income supplement, Canadian economy, pensionable earnings, CPP, tax changes, tax education, tax preparers, retirement benefits, Old Age Security benefits, pension, low-income benefits, tax resources

Upcoming changes to the Canada Pension Plan are intended to boost retirement incomes, but for many the opposite will be true, a recent report from Canada’s Chief Actuary finds.