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:Graduates in the News – Jim Gunn, CFP, RWM™
Knowledge Bureau graduate Jim Gunn of Ontario pursued his Real Wealth Management (RWM™) designation to complement his other credentials, which including CFP, RRC, CEA, CPCA, and Insurance Broker. His goal in obtaining his RWM™ was to help his diverse client-base with niche issues using a holistic approach while building trust and delivering value. Here’s his story:
Tax Evasion, Not Tax Reform on the CRA Agenda
Tax evasion will take precedence over tax reform according to the federal Finance Minister, who attended a June 5 meeting of the Senate Finance Committee. That’s the same day the Joint Chiefs of Global Tax Enforcement (J5), which the CRA is a part of, celebrated its first anniversary.
When You Owe the CRA: Managing Interest Costs
Monday June 17 is the tax filing deadline for proprietors and many of them will owe money to the CRA. In fact, over 5.6 million returns filed as of May 27, 2019, had balances due averaging $5244. Three things must be managed if you owe: interest on late payments, potential offsets and adjustments, and your relationship with the collections office.
Tax Expenditures: Did You Claim Your Fair Share?
The Department of Finance Canada and the CRA defines the principal function of the tax system as a means to “raise the revenues necessary to fund government expenditures.” Of course, it is not quite that simple, as the tax system is also used to achieve public policy objectives by administering preferential tax rates, exemptions, deductions, deferrals and tax credits. The question to be answered, post-tax filing season, is whether all taxpayers claimed their fair share.
Mark Your Calendar: RSVP by June 15 for DAC, Fall CE Summits
The early bird registration deadline for the 2019 Distinguished Advisor Conference in Puerto Vallarta is coming up on June 15. Be sure to check out the outstanding guest speaker list who will address the theme: Powerful Competition: The Secret to Economic Resilience.
Newly Updated Course: Provide Expert Help When a Taxpayer Dies
Statistics Canada estimates the deaths in 2017/2018 numbered 142,331, and every single one requires that a final return be prepared and filed. Estate and final returns can be accompanied by a costly tax bill, especially if the client has a significant estate, assets, or savings. That’s where a highly qualified tax specialist comes to the rescue of executors who are responsible for filing the final return of the deceased.
