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:

Knowledge is power, and if you are looking to train new and returning employees for the upcoming tax season, it can also be government sponsored.  The Canada Job Grant could potentially help fund employee training for tax season for up to $15,000 per trainee in certain jurisdictions.  One of our clients received that funding for Knowledge Bureau training in less than two weeks.   What are the granting and funding options when you need to train staff in a hurry?  It depends on where you live.  Here are the details.

Did you know that just under 200,000 people still owed money to CRA for the 2014 tax year going into the last holiday season? That’s less than 1% of all individual tax filers and they don’t owe that much:  the median gap is $780 per individual. But owing CRA money can be very expensive. Here is how they are calculated and what you can do to speed up tax bill delinquency to start this year’s holiday season on sounder financial footing:

Knowledge Bureau’s acclaimed Advanced T1 Tax Update  for 2021 T1 Returns is coming soon on January 19, 2022! Loaded with new information from highly esteemed tax specialists and features a comprehensive Knowledge Journal and Desk Top Reference packed with “Dark Horses” – little known tax facts and theory that will make a big difference filing more accurate returns in tax season 2022.  Register by December 15 to receive this valuable desk top reference and your lunch, all included in your tax-deductible tuition fees!

Society of RWM membership renewals are due December 31 for existing members and include Knowledge Net Tools and Calculators and relicensing fees for the continuation of use of the RWM™ designation.  New members are now being invited to join, too, and the benefits are significant. 

There is an important, front line role tax professionals can take to help devastated flood victims with tax relief, effective immediately.  CRA issued a statement on November 30 encouraging residents of BC affected by the flooding to request taxpayer relief if it affects their ability to pay their taxes on time. However, any taxpayer who is experiencing hardship may want to discuss a relief request, especially if errors or omissions that have lead to missed refunds or benefits.  Here’s an overview on two important relief options available:

Did you know that over 100,000 Canadian workers are in the gig economy? These important new growth engines in the economy are often people who are dissatisfied with their current work experience.  However, as new entrepreneurs, they need professional guidance from tax and financial advisors to survive and growth.  Plus, they may soon be paying EI premiums too.  It’s a good space to get into if you are in the business of attracting new clients to your practice.  Here’s why: