Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

The latest key tax filing statistics for tax season 2021 - February 9 to May 25 – show more tax returns were filed than last year without the benefit of  tax filing deadline extensions. As tax season 2021 now closes in on the June 15 proprietorship deadline exhausted tax specialists and highly involved financial advisors, will need to continue the pace for five specific reasons:

The Parliamentary Budget Officer (PBO) released a post-budget economic and fiscal outlook last Thursday, on the same day the April 19, 2021 budget passed its second reading.  It was a timely move, as the report focused on the impact of the $142.9 billion in new measures proposed – a number which excludes pandemic related support. It suggests Canada’s long-term economic outlook may be more expensive and less rosy than the budget estimated.

There are two kinds of fishing expeditions. For most of us, tales of the big one that got away tend to brighten moonlit campfire stories.  But when it comes to fishing expeditions by the CRA, storm clouds can emerge quite quickly.  That’s why it’s important to understand the law and taxpayers’ rights under it. Knowledge Bureau Report welcomes Marco Iampieri B.A., JD, M.B.A. to its editorial team to explain why.

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. 

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.

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: