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:

You may have missed the news during the holiday hustle, when the federal government announced an expansion to the Canada Worker Lockdown Benefit (CWLB).  There are  also new tax filing  deadlines to be aware of.   Here are the details:

Did you know that Knowledge Bureau is a private, educational institution certified by Employment and Social Development Canada (ESDC) to provide courses that develop or improve skills for those working in the tax, bookkeeping, accounting, and financial services industries? What this also means is that Knowledge Bureau students who have paid  tuition fees in excess of $100 in 2021 qualify for the tuition fee amount, and the T2202 tax slips to claim this are now available in your Virtual Campus.

Canada’s most comprehensive and popular advanced personal tax update is taking registrations for just one more week! It’s a blended learning experience that starts with the January 19 live virtual event, and also includes an online course which is available to attendees until February 28. Plus, you’ll receive what our delegates call the “Tax Bible” – the comprehensive desk top reference coveted by tax and accounting professionals from coast to coast. Register now for the January Virtual CE Summit!

2021 was a year of personal physical, mental and emotional life triggers, coupled with many economic and financial changes.  How can just one financial professional ensure that their client's holistic wealth management plan is focused on tax efficient wealth sustainability with so many triggers at once? Join the Society of Real Wealth Managers™ and seven special guests for the next Meeting of the Minds: 360 Degree Trigger Tour on February 2 at 10 AM CST. These Real Wealth Managers™ will share the timely triggers that may be impacting your clients’ holistic planning solutions in 2022 and why Real Wealth Managers™ are poised to help.

The federal government released a fiscal and economic update on December 14 that brought in a small number of tax changes and a message that despite the steepest economic contraction since the Great Depression, our “one-in-a-lifetime economic trauma” is fading into history, as Canada has recovered 106% of the jobs lost during the pandemic. There is more good news, according to the government, and some red flags on the horizon:

The December 14 Economic Update from the Federal Government primarily focused on pandemic recovery and healthcare sector as we’re entering a new wave of pandemic response. But there is some really good news to offset this reality. What was noticeably absent from the Update?  Investors and high-income earners will be pleased. But, will we see them addressed in the next federal budget?