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:Recycling Tax Dollars: Increased Climate Action Incentive Payments
On March 23, 2022, the Federal Government announced the increased payments for the Climate Action Incentive (CAI) for the 2022-23 period and some Canadian households will soon receive over $1,000. But not through their tax filings, a change from last year. It’s a recycling of federal carbon tax surtaxes. Here’s what you need to know:
A Brief on Basic Personal Amounts
How much money can Canadians earn before they have to pay federal taxes? The answer lies in the structure of the basic personal amount (“BPA”) - an annual earnings amount that is anything but easy to understand; especially since all the provinces and territories have their own BPAs to add to the confusion. Here’s how to help taxpayer – especially newcomers to Canada – wrap their heads around this:
Hiring Family Members? Avoid Punitive Tax on Split Income
If you are hiring family members over the age of 25 you may need to justify that the payments, you have made are reasonable in order to avoid a Tax on Split Income or TOSI. Specifically, according to the CRA, the reasonableness of an amount paid to your family member will be evaluated based on one or more of the following criteria:
Bare Trusts and New Trust Reporting Rules
Striking a balance between upholding Canadian taxation laws and privacy concerns is challenging for policy makers and legislatures. On February 4th, 2022, the Minister of Finance released draft Income Tax Act legislation that increases reporting requirements for most Canadian resident trusts. The new trust reporting requirements will allow the Canada Revenue Agency to better combat tax evasion and increase clarity regarding beneficial ownership of assets.
Compliance Credits Available! Take Privacy Principles in Business
Privacy of confidential financial data is an important issue to your clients and no wonder: Statistics Canada says that about 57% of Canadians online reported experiencing a security incident in 2018. Do you know how to avoid privacy risks that may arise in your business? A new online certificate course, Privacy Principles in Business addresses many of the security issues that concern business owners these days, and now you can earn 10 compliance credits from IIROC by completing this cutting-edge course.
The May 2022 CE Summit on Retirement and Estate Planning
We are excited to see you online on May 18, 2022 for the next Virtual CE Summit on Retirement and Estate Planning. Be sure to register by April 20 for early bird tuition fees for you and your team. The CE Summits are a blended learning event. What does this mean? It’s just an outstanding comprehensive learning opportunity for you in multiple components:
