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Despite Obstacles, Canada’s Growing Labour Force Points to Strong Economy

Posted: July 10, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Financial Literacy, self-employed, knowledge bureau, interest rates, Bank of canada, Evelyn Jacks, tax courses, distinguished financial advisor, Canadian economy, financial education, entrepreneur, Executive Business Builder Program, Business Builder Retreat, labour force, job market, unemployment rate, stephen Polaz, debt and cash flow, business owner

Despite all the doom and gloom reported lately, Canada’s economy is actually growing. All signs point to an increase in Bank of Canada rates later today, as a new Labour Force Study from Statistics Canada indicates that for the month of June, the country’s labour force increased with the creation of 31,800 new jobs. The report also cites increasing self-employment levels.

Tax Literacy: Helping Canadian Newcomers Settle In

Posted: July 10, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , tax preparation, Financial Literacy, tax credits, knowledge bureau, Evelyn Jacks, income tax estimator, tax filing, tax courses, non-refundable tax credits, distinguished financial advisor, financial education, immigration, Canada immigration, newcomers to canada, Canadian residence, residence period, tax credits for immigrants, Canadian emigration, expenses and deductions

Did you know that 1,212,075 new immigrants permanently settled in Canada from 2011 to 2016, representing 3.5 percent of Canada’s total population in 2016? Tax and financial advisors have a great opportunity to help with the financial affairs of these families, especially because the tax rules are somewhat different for these residents.

CRA Improves Services Standards: Their New Three-Point Plan

Posted: June 26, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , tax preparation, Financial Literacy, CRA, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, income tax estimator, Essential Tax Facts, federal budget, tax courses, distinguished financial advisor, CRA service standards, filing tax returns, CRA phone support, Auditor General, Diane Lebouthillier, Minister of National Revenue

Last year, the Canada Revenue Agency received extensive criticism for failing to meet basic service standards. But things have recently improved at the CRA; 74 percent of calls are being answered by an agent or auto assistant, compared to the mere 37 percent in 2015, which prompted this fall’s Auditor General Report. The CRA now intends to ensure things get even better, and responded to the criticisms on June 12, 2018 with a three-point action plan.

U.S. Repatriation Tax Is Hitting Canadians Hard: Are Your Clients Affected?

Posted: June 19, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Venture Capital, Financial Literacy, Financial Advisor, knowledge bureau, Evelyn Jacks, distinguished advisor conference, tax courses, Canadian economy, tax education, Canadian business, CE summits, US tax, Trump, IRS, cross-border tax, US tax reform, self-study, repatriation tax, Canadians in the US, Canadians abroad, Tax Cuts and Jobs Act, shareholders in foreighn corporations, Cross boarder Taxation course

Donald Trump’s U.S. tax reforms are having a significant spillover effect north of the border, as many individuals with private businesses in Canada are facing an enormous tax bills in the U.S. If your client base includes any corporation in which a U.S. shareholder controls at least 10 percent of the voting rights or value, you need to know the details of this punitive measure.

CRA to Send Instalment Payment Notices in August: Your Tax Remittance Options

Posted: June 19, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Financial Literacy, CRA, self-employed, Canada Revenue Agency, tax services specialist, Small Business, tax courses, tax calculators, tax education, proprietor, installment payments, quarterly tax installments, calculating installment tax, tax deadlines in Canada, installment notification

You’re not in the clear yet! In August, the CRA will be notifying individuals who will be required to remit an instalment payment by the September 15 and December 15 deadlines. Even if you weren’t required to make an instalment payment on June 15 or earlier this year, you might still be subject to paying in instalments. This means that now is the time to review whether you need to save throughout the summer for yourself or for the taxman!

Work Stress Kills: Flexible Career Opportunities Benefit Pre-Retirees

Posted: June 19, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Financial Literacy, Financial Advisor, self-employed, knowledge bureau, Evelyn Jacks, tax courses, master financial advisor, retirement income, bookkeeping courses, financial education, tax preparer, entrepreneur, tax careers, holistic wealth management, bookkeeping career, online, pre-retirees, work stress, health risks, Retirement services specialist, self-study

Demanding careers and workplace stress can lead to premature death in men with existing health issues, according to a new study, although women seem to fair better. It speaks to the need for financial advisors to sit down with their boomer clients and have a frank talk about how long to work if the couple is serious about living their dream retirement.