Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

Join us for an exclusive night out with Knowledge Bureau President Evelyn Jacks and Chef Massimo Capra on October 15th in beautiful Niagara Falls.  This dinner is limited to 20 guests, so confirm your attendance at DAC and your reservation as soon as possible.  Here are the details of the delicious extravaganza; plus, check out the outstanding agenda too!

What matters is what you keep.  There is no doubt your clients are  interested in knowing how to inflation-proof and recession-proof their wealth and navigate successfully through emerging risks from the CRA.  To accomplish the former, advisors must have broader knowledge in tax on upcoming tax changes and how astute investment planning in a very new economic environment can help clients maximize after-tax income and reduce capital erosion.  But there are other risks, too, and these topical issues will be the subject of a deep dive for pros at the September 21 CE Summits.

There are six key reasons, you will want to mark your calendar to attend the next Meeting of the Minds Event, presented by the Society of Real Wealth Managers™ on August 17, 11:00 – 12:00 PM CST. It’s a complimentary event, and it could be one of the most informative hours of your summer.  Consider:

With the Bank of Canada recently announcing another 100 bps increase in the overnight rate to 2.5%, clients are asking more and more about how this will affect their mortgages, the impact to their cash flow, and ultimately the impact to their overall financial plans.  

Seniors over the age of 74 will have been delighted by the raise they received in their Old Age Security Benefits in July of 2022. The specifics of the new permanent increase, its effect on the clawback of OAS and other new details follow:

Statistics Canada is reporting that a shortage of labor continues to be a significant issue for 35% of businesses in Canada, while skilled labor shortages are an obstacle for close to 28%. Those who responded to Knowledge Bureau’s July Poll agreed:  91.67% said yes, their clients are finding it more difficult to hire skilled people in 2022.