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:

An astounding 98% of Knowledge Bureau poll respondents have given CRA’s service standards a thumbs down this year. It’s not too late for you to weigh in, too and share your thoughts on the question: “In your view, has CRA’s service level to professional tax advisors improved this year?”

As your clients enter the 2nd half of their retirement years, there are many significant issues that begin to emerge such as illness, cost of care and loss of capacity for key decision makers. Without careful planning, years of effective decision making can be easily undone through increased costs of care and potentially increased costs of taxation.

There are three secrets to building a brand:  knowing your story, building a network, and sharing that story with your network.  On May 26th, we are giving you an exclusive opportunity to do so with a national networking opportunity. But there is one catch:  you will need to be prepared to have fun and build your professional connections.   

Doug Buss, RWM™ shares why he loved the RWM™ Designation program:  "It was a wonderful revitalization of the value that we are bringing to our clients." Get to know more about Doug, a Winnipeg native and outstanding sax player, too!

The April 19, 2021 Federal Budget is noteworthy for its length –731 pages in all –and its capacity to introduce billions of dollars of spending,while at the same time increasing tax complexity for individual filers. It also significantly enhances CRA’s digital footprint with new broad-based electronic filing measures. In introducing the measures, the government will focus on several key economicand social prioritiesincluding the national rollout of a $10-a-day childcareprogram and a $15 per hour minimum wage in the federally regulated private sector.

Unincorporated business owners, including gig workers, have until Tuesday June 15 to file their T1 returns without penalty. The government has made it clear that late filing penalties will be applied this year; that happens when you have a balance due as of the filing due date. However, will there be flexibility on interest charges? Yes, but not in every case and business owners must pay attention to this.