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:Important Role: OAS in Retirement Income Planning
More than 60% of Canadians don’t have an employer sponsored pension, and as a result, the OAS is becoming increasingly important for those relying on reliable income in retirement. Advisors agree: 72% of more than 400 tax and financial professionals who answered the KBR April poll said “yes” to the question “Are you in favour of the OAS raise of 10% in 2022 for those age 75 or older?” However, many also left very insightful comments about the important role of public pensions in financial health in retirement.
Re-Discovery: Find Out How to Move Your Clients from Fragility to Stability
Four doctors, eight senior executives, 2 best-selling authors and several top wealth advisors: The thought leadership is outstanding at Virtual DAC 2021, October 17-19. Program Director Evelyn Jacks is highly enthused: “It’s never a small feat, but this year we are thrilled to offer the richest program ever to help advisors help their clients rediscover their financial stride.” Check out the details and register at early bird rates by June 30.
KB Grads in the News: Sharron Morier, DFA-Tax Services Specialist™
Sharron Morier completed the DFA-Tax Services Specialist™ Designation Program and shares how “Education is paramount in our industry to ensure we serve our clients well. I want all our staff to have the confidence in their abilities that I have due to my KB educational experiences.” Here’s her story:
Pandemic Benefit Extensions May Come Soon
The Budget Implementation Act 2021, No. 1 passed first reading on April 30 and is progressing through the second reading phase. A number of provisions proposed in the April 19, 2021 federal budget have dates set to come into play soon – including extensions to some of the COVID-19 benefit programs and other relief Canadians affected by the pandemic are hoping for immediately. Here is a synopsis to review with your clients:
Poll: Are You in Favour of the OAS Raise?
This year’s federal budget proposed a 10% increase in Old Age Security for seniors over the age of 75 starting in June 2022. Is this the right move? So far yes, according to Canadian financial professionals weighing in on KBR’s May poll. But there appears to be a common concern: extend the raise to everyone 65 or older. Do you agree? Check out the comments below and weigh in:
Who Should Use a Personal Pension Plan & Why?
One of the most fascinating educational sessions at the May 20 CE Summit was given by JP Laporte BA, MA, JD, RWM, on the benefits of Personal Pension Plans. As the proprietorship tax filing deadline is coming up soon on June 15, it is a conversation advisors might want to have with clients who are thinking about incorporating and planning their wealth accumulation strategies at the same time. Consider 5 fundamental reasons for doing so:
