New: Personal Support Workers Tax Credit Coming Soon
Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories. Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement. Here are the details:Six Rules for Investors Re: Interest Expenses
Did you know that generally speaking, interest is considered to be a capital expense and is not deductible against other income unless it meets specific requirements in the Income Tax Act? To be deductible, the use and purpose of the money must be established as interest costs – and therefore the amount of the deductions may rise, so expect increasing scrutiny by the CRA. The following six rules will help tax specialists determine whether interest costs may be attacked by the CRA and keep meticulous notes on individual client files to trace the source of the borrowings.
Switch to Electronic Notice of Assessments? The Tax Pros Say No
A full 68% of professional advisors said a firm “no” to last month’s poll question when we asked, “is it a good idea for CRA to switch from paper to electronic Notices of Assessment in 2022, requiring tax filers to provide their email addresses?” Computer accessibility was a big reason for these responses, but so was concern over privacy and security. Here are some of the comments that accompany the concerns:
Seniors Get a Raise for the Seventh Consecutive Quarter
This month, seniors will see their OAS and GIS payments increase by one percent. This increase marks the seventh consecutive increase in OAS payments. The increase over the last year amounts to $30 per month for OAS recipients or just under 5%.
May 18 CE Summit: Eight Topics You Can’t Afford to Miss
The agenda is packed full of vital information tax and financial planning specialists need to know as we round out tax seasons 2022 and begin to plan to reduce taxes and build wealth this year and beyond. The eight critical topics we have chosen for your May CE Summit provide cutting edge professional development to help beat your competition, bring high value to your clients and earn CE Credits too. Register before May 17 to hear Canada’s best-selling financial authors and educators discuss:
Al Emid: A Tribute
Canada lost a veteran financial journalist to COVID-related pneumonia last week. Al Emid was the co-author of two financial books published by Knowledge Bureau, Financial Recovery in a Fragile World, and What I Have Learned so Far and How it Can Help You, described below.
Bank of Canada to Chair the Central Bank Network for Indigenous Inclusion
Did you know that The Central Bank Network for Indigenous Inclusion was established in 2021 by the Bank of Canada, the Reserve Bank of New Zealand, the Reserve Bank of Australia and the U.S. Federal Reserve to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues? Learn more about its mission and why it’s important.
