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:

A typical small business owner fearlessly wears many hats.  However, when it comes to tax season, most just want to grab a pillow and hide their head under it.

June 30 is an important date. Knowledge Bureau Professionals graduate with new skills and specialized knowledge. It is what differentiates you from others. If you are a Designate, June 30 is also an important deadline: it’s time to submit your required Attestation to your standards of conduct, and meet annual CE requirements… with some exclusive tuition offers!

In order to get pandemic relief benefits in the hands of Canadians quickly, the government (through ESDC and CRA) issued relief benefits to anyone who applied and indicated that they met the criteria for entitlement to the benefits. ESDC and CRA are now following up to ensure that those who were not entitled to the benefits repay them, and it is causing worry.  Tax and financial advisors can help.

CRA has made a mistake on its calculations regarding eligibility for the Tourism and Hospitality Recovery Program (THRP), and as a result, has added modifications to its website .  Be sure your clients who may have missed filed for support, or were previously under the impression they did not qualify, are apprised of the full list of eligible businesses, which appears below:

Assessing risk tolerance and portfolio suitability is one of the most important roles of a portfolio manager.  There are many factors that play into risk tolerance: net worth, time horizon, experience, and comfort with volatility to name a few.

It was close, in fact, a dead heat throughout the month as tax and financial professionals across Canada weighed in on the question “Should the tax filing deadline be extended for all taxpayers to June 15?” And the conclusion is a 50/50 split! Here are some of the reasons from those who participated in one of our most divisive poll questions to date.