Tax Shock Adds to Family Heartbreak

Last month the sad story of an Ontario family who suddenly lost both parents in 2024 was shared in Burlington Today.  The tax outcomes were just as shocking as the two deaths from unrelated causes.  There was a cottage, a large RRSP and a big tax bill.   Some of the outcomes could have been mitigated with some planning.   I sat down with CTV’s Pat Foran to discuss the outcomes – with a message important to family planning.  

If you are new to Knowledge Bureau, it may be important for you to understand the Standards of Conduct and Proficiencies we have for our esteemed designates who are professionals in their fields.

Inflation rose in June and again in July to reach the Bank of Canada’s 2% target inflation rate for the second time in the second consecutive quarter. Why is that important? This article explores the effect of inflation and taxes on prices and asset values, as well as why savers and their team of advisors from the tax and financial services need to pay attention at a time when recession fears are rising.

When someone in the family is very sick – and markedly restricted in their daily living activities — the tax system can help with some financial relief to pay for the costs of care. One of the most lucrative of the various tax provisions is the Disability Tax Credit (DTC). In fact, it can amount to over $2,000 a year in some cases. But, claiming it is subject to significant scrutiny by the CRA, so it’s worth a trip to see a DFA-Tax Services Specialist™ for help. Here’s what you need to know:

Just over 2 million Canadians are enrolled in post-secondary schools in Canada and about half of them incur debt to get through school. According to a recent survey by Maclean's magazine, nearly two thirds of them don't have an RESP.  Fortunately, at least a third of them do. Here's how withdrawals from an RESP work:

Is the next recession just around the corner? This week, as G7 leaders grappled* with both jittery stock markets and potential recessionary winds, the talented speakers at the 16th annual Distinguished Advisor Conference (DAC) are preparing to challenge financial advisors to consider how resilient their clients’ financial affairs will be in this time of political and economic uncertainty.

Michelle Crouse, Wealth Advisor and regular attendee of the Distinguished Advisor Conference (DAC) shares some of the highlights and provides insight on how learning from the DAC speakers has helped her in her practice.