This Month’s Poll

Do you agree with the government’s plan to introduce the new  Canada Groceries Essentials Benefit (CGEB)?

As Chair of the Society of Real Wealth Managers, Kristin Ramlal, B. Comm (Hons.), PFP, CIM, FCSI, RWM™, MFA-P™, FDFS™ brings both a global perspective and a deep commitment to redefining financial success beyond numbers on a statement. In this reflection, she draws on insights from a recent visit to Iceland, where economic policies, social systems, and cultural values intersect to create a society with exceptional financial security and quality of life - to explore what Canadian financial professionals and policymakers can learn about fostering true real wealth for all.

The trust tax landscape in Canada is undergoing its most significant transformation in years. Starting in 2025, all trusts will be required to file T3 returns - including those that historically did not file because there was no income to report, such as bare trusts. For tax and financial advisors, these changes represent both a compliance challenge and a business opportunity. Knowledge Bureau’s Filing T3 Trust Returns course provides the expertise you need to meet new obligations and help clients make smarter intergenerational tax and estate planning decisions.

Did you know that for graduates who earn a Designation from Knowledge Bureau, earning the credential is only the first step. To keep these designations active, graduates must complete an annual relicensing process. This ensures they remain up to date with legislative changes, regulatory requirements, and the highest standards of professional practice.

Canada’s tax and financial pros weighed in enthusiastically on last month’s two-part Knowledge Bureau Report Opinion Poll in which we asked: "Do you believe Canada’s tax system based on self-assessment, has suffered under recent changes at CRA and by Finance Canada?" 71% said yes. Part 2 was this question: "If so, what is the one wish you have for tax reform?" The responses were very interesting:

Canada’s income gap is growing. That much is true, but that one sentence fails to tell the whole story. There is much more to the issue of increasing disposable income in Canada, especially in volatile, recessionary times. In fact, to close the income gap it’s most important to focus on the wealth gap. That means helping average people save more, sooner. That brings purpose and urgency to the proactive conversations that should be initiated this fall by professionally trained financial advisors. Consider the following:

Last month CRA posted a news release that they are making it easier for newcomers to apply for benefit and credit payments online. Unfortunately, the process is anything but easy. This presents a great opportunity for tax and financial professionals to help and in the process, start a highly valued new relationship with new Canadians.