Red Ink on the Prairies
A day after Quebec’s Finance Minister Eric Girard brought down a Budget featuring a $6.3 Billion deficit, Saskatchewan’s Finance Minister Jim Reiter tabled his government’s budget on March 19. Next up was Finance Minister Adrian Salas, who tabled the Manitoba Budget on March 24. The common thread: there’s lots of red ink on the Prairies. But that’s where the budget documents differ between Manitoba and Saskatchewan. Here’s the latest tax news and why it matters to the advice you give your clients.The CERB Tax Quagmire
The CERB payments have been extended for an additional 8 weeks to a total of 24 weeks, available under the same eligibility criteria, but with one caveat: Canadians should make an effort to return to work. In addition, those abusing CERB guidelines must repay them to avoid stiff penalties. The resulting broad-based complexity with the CERB will ensure a tax compliance quagmire for recipients next year. Here’s what you need to know:
Still Delayed: Help for DTC Recipients
On June 5, the Prime Minister announced two new response benefits to help Canadians through the pandemic. But the promised Disability Tax Credit (DTC) top-up payments and help for the provinces in a “Safe-Restart” Agreement have been delayed as other parties opposed the passing of the bill. Here’s what was proposed:
Most Have Filed T1s, But New Tax Deadlines Loom
According to the most recent tax filing statistics, the majority of Canadians chose to abide by the extended June 1 tax filing deadline even though late filing penalties and interest won’t apply until September 1. But that doesn’t mean that tax season is over – there are some important filing deadlines on the horizon, and that matters because CRA is officially resuming audit activity.
CERB Extension: A Time to Invest in Yourself for An Uncertain Future
A federal fiscal update has finally been scheduled for July 8, although the government is planning only a “snapshot” of the current state of affairs, and no fiscal projections, leaving lots of questions. What will be the future repercussions of this year’s emergency relief benefits? Will taxes increase in 2021? What planning should take place today? How can the CERB be used to help?
A New Economy Demands a New Tax Services Model
The role of the tax specialist is an essential service as families must file tax returns to qualify for important social benefits amidst a devastating and stressful global event: the COVID Pandemic. Worse, stressed families face onerous self-assessment procedures for government programs like CERB and the various business loans and wage subsidies. To get the best after-tax results for these families, highly trained tax services specialists must understand investment, retirement, business and estate planning strategies. Only a Knowledge Bureau Education provides all of these elements in its online designation programs.
New Course! Personal Pension Planning
Knowledge Bureau is pleased to announce the publication of a new certificate course, Personal Pension Planning For Corporate Owner-Managers, by JP Laporte, CEO, INTEGRIS Pension Management Corp and Mark Taucar, CFA, Porfolio Manager, Accilent Capital Management Inc. It’s a must for any advisor who is working with owner-managers or professionals in this challenging pandemic environment.
