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All items tagged with: tax filing

New Capital Cost Allowance Changes: Do Small Business Owners Benefit?

Posted: March 12, 2019
Posted in: Strategic Thinking, Current Issue , self-employed, corporate tax, capital cost allowance, proprietorship, tax filing for proprietorships, tax accounting for proprietorships, Capital Expenditures

Knowledge Bureau has released a newly updated certificate course to train advisors on the nuances of filing tax returns for small businesses. The big tax change this tax season is proving to be a bit of a headache: how to handle new capital cost allowance claims under the new Accelerated Investment Incentive. Good news: this new course covers the issue with great examples and case studies.  

Stay Abreast of Looming Provincial Budget Changes

Posted: March 04, 2019
Posted in: Strategic Thinking , federal budget, finance minister, CE summits, Morneau, Federal Budget 2019, Advanced Tax Filing and Planning

British Columbia was the first province to release its budget this year, when they announced it on February 19. There were some interesting new benefits in the package that advisors must factor into their tax and financial strategies with clients who are B.C residents at the end of 2019.

Tax Filing Basics: Claiming Medical Marijuana After Legalization

Posted: February 19, 2019
Posted in: Strategic Thinking , Medical expenses, deductible medical expenses, tax deductions, marijuana legalization, income tax filing, Income Tax Filing Fundamentals, medical marijuana, medical credits

With the 2018 legalization of marijuana in Canada, more taxpayers may wish to claim their purchase as a medical expense. That may be possible, but there are rules to follow to pass a CRA audit test. 

Big News: Simplified Method Prescribed Rates for 2018 Finally Released

Posted: February 12, 2019 By: Walter Harder
Posted in: Strategic Thinking , tax credits, Medical expenses, Moving Expenses, claiming expenses, tax deductions, income tax filing, personal income tax, travel expenses, meal expenses, deducting expenses

On February 12, the simplified method rates for calculating deductible auto and meal expenses for various important provisions on the 2018 tax return were finally released by the CRA. It’s an important missing piece for tax professionals and taxpayers alike, that in prior years was generally released in January.

The Tax Refund: Friend or Foe to Wealth Management?

Posted: January 15, 2019 By: Evelyn Jacks By :
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, rrsp, tax filing, tax refund, tax-efficient retirement planning, TD1, tax return, Individual Income Tax Report, tax filing statistics

The Statistics Canada’s Individual Income Tax Report*released on January 8, highlighted just how much Canadians are being over-taxed by the CRA. With average tax refunds coming in at $1,757 for the 2018 filing season, many taxpayers are effectively providing the government with interest-free loans of approximately $150 per month for up to 16 months before they see their refund. Just how much is that really costing you?

Last Chance to Enroll: Advanced Tax Update Workshops Features Canada’s Top Tax Experts

Posted: January 15, 2019
Posted in: Strategic Thinking , tax preparation, tax credits, tax courses, ce credits, tax workshop, electronic tax filing, CE summits, personal income tax, advanced personal tax update, Income Tax Courses, 2019 tax

Shake out the cobwebs and sharpen your tax knowledge with Canada’s most popular advanced tax update featuring a detailed line-by-line approach to the new 2018 forms and schedules from the CRA. The national tour featuring keynote speaker Evelyn Jacks and an outstanding faculty of experienced instructors starts Thursday January 17 in Winnipeg; then arrives Monday the 21 in Toronto ; Ottawa on the 22, Calgary on the 23, Edmonton on the 24 and Vancouver on the 25th.  Don’t miss out - there are only a few spots left so call or enroll online today.