Canadian Dental Care Plan Renewal Deadline Approaches

Know Your Client!   It’s a daily commitment and requirement, especially in the work that financial advisors do with their clients.   It’s imperative that you ask about any significant changes in their lives. Has there been a significant new event:   a move to take a new job or go to university, a marriage or divorce, a new birth, a disability or a death? And, in the case of income tested benefits such as the Canadian Dental Care Plan, (CDCP) do they qualify?  Did they file their tax return on time to get it?  Do you know the deadlines for doing so?  Do you know when coverage ends if your client now longer qualifies?

Canadian groundhogs may have mixed opinions on whether or not it’s going to be a long winter. But on a year that has often felt like we’re experience the Groundhog Day phenomenon, we decided to bring you our best sale of the year so far to ensure there’s something to celebrate – and you can still take advantage of this today! Take any two certificate courses for only $595 each (save 34%) – but act fast, as this promotion ends today! Use this proficiency guide for individuals and business training needs to select your next courses!

There is exciting news for parents who have been prohibited from claiming child care expenses due to the existing definition of “earned income”.  A new Form T778 issued on January 20, 2021 clarifies that CERB and EI recipients can indeed claim child care expenses.  There is more good news for disabled employees, too. Here are the details:

The Canada Emergency Benefit Account (CEBA) provided two loans to businesses that suffered revenue declines due to the pandemic.  They amounted to a total of $60,000, with $20,000 forgivable,   if the loan is repaid  December 31, 2022.  However, very few expected a 2020 income inclusion. Here are the rules:

As CERB income reporting begins in earnest on the 2020 tax return, Canadians and their advisors are scrambling to confirm eligibility for amounts received last year and if required, to repay amounts received in error.  However, a number of questions have arisen around the grey areas of eligibility.  A common one surrounded eligibility for individual recipients of dividends from family businesses.

Business owners are struggling and despite the announcement of a new loan program yesterday, is more indebtedness the help that business owners really want at this time?

Join the Society of Real Wealth Managers™ on February 3rd at 11:30 EST to discuss how to interact and adapt to challenges working with your clients and other financial professionals. The focus is on how to  overcome the technical, ethical, moral and legal issues that can arise when multiple advisors are involved.