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:

The Acuity Conference for Distinguished Advisors (DAC) is Canada’s preeminent conference for advisors from the tax, financial services and it will be held in Victoria, B.C. November 22–24. Be sure to join one of Canada’s most unique multidisciplinary educational and networking experiences and save money by registering before September 30.  

Today’s financial advisors is an education, an advocate and a steward of client resources. But tax laws are in continuous flux, regulations evolve, and client expectations shift in response to complex life events. For today's advisors, continuing education isn't something that happens once a year to meet CE Credit requirements. It's an ongoing part of delivering confident, informed advice. That's where CE Master Micro-Credentials come in, together with a July 31 tuition offer.

It looks like tax season 2026 could be the biggest one we’ve seen in the history of filing in Canada, proving once more that Canadians are extremely tax compliant and that filing a personal tax return is the most important triggers for long term wealth planning in this country. But there is a shortage of qualified people and now is the time to do something about that before tax season 2027.

Women control an increasing share of global wealth. From 2018 to 2023, global wealth increased by an amazing 43% but women’s share increased by an even more impressive 50%. For financial advisors it means your female clients are going to be more important to your business than ever; for tax advisors, there is an opportunity to engage during important life events.  

Canadians may see a small increase in their take-home pay beginning in January 1, 2027 thanks to a reduction in Canada Pension Plan (CPP) contribution rates, but most people won’t notice a lot of new cash flow. However, this does represent a significant policy change. It’s one tax and financial advisors should consider, as it will affect payroll deductions, T4 reporting, and year end tax planning, especially in discussions about retirement options with clients.

Midsummer happiness abounds across Canada as families take the time to recharge, enjoy the long summer days, music festivals and update tax, financial and educational milestones to get ready for a busy fall. It’s high time, in fact, to mark your calendar! To help, here’s Knowledge Bureau’s mid summer Tax and Investment Milestone Checklist. Feel free to share it with your friends, colleagues and clients: