Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

Paula Baker has been working in the tax service industry since 2005. In 2010, she opened her own Liberty Tax franchise, and later pursued her DFA-Tax Services Specialist™ designation with Knowledge Bureau, after selling her franchise to work from home. Even with a wealth of experience she chose to enhance her education, because: “When I first entered the world of taxes I quickly realized that knowledge was important. Taxes are complicated, and Knowledge Bureau allowed me to expand my knowledge which, in turn, allowed me to support and guide my clients in the right direction.  I worked through the courses and now have my designation.”

On April 23rd, the height of the rush to the April 30 filing deadline, the CRA launched an online public consultation, requesting feedback on service improvements.  Worse, the feedback period closes on June 18 and that’s only one day after the June 17 proprietorship filing deadline. It would appear to be unfortunate timing considering professionals file 58% of all returns.

According to the CRA’s 2018 tax season filing statistics released this week, just over a million returns were filed in the week after April 30, with a total of 26,210,167 received so far this season. But, considering CRA accepted nearly 30 million returns during the 2017 tax season, there’s no time for tax pros to put up their feet just yet.

Possibly even more dreaded than the tax filing season is the tax audit season! But, when you know your taxpayer rights and have confidence that your records are audit-proof, you are empowered to face any audit knowing you’ve done your due-diligence. Working with an experienced tax specialist is a good defence, too.

Invest in your continuing professional development for 2019, by marking your calendars for Knowledge Bureau’s 2019 live events. May is chock full of great events starting with the Vantage Series that took place this morning in Toronto. Next up: the CE Summits that begin at the end of the month. This tour features brand new sponsor CIBC, cross border expert Dr. Dean Smith, long term care planning expert Karen Henderson, and a post-budget overview for 2019 from Knowledge Bureau President Evelyn Jacks.

Lorne Jackson, Knowledge Bureau Undergraduate, CFP, CEA, CKA, and President of the Canadian National Christian Foundation (CNCF), Financial Discipleship Canada works with over 40 Canadian registered charities. After 25 years in the financial services industry, Lorne sold his company and left the "for profit" world in 2002 to create the CNCF, and recently decided to take the Introduction to Strategic Philanthropy certificate course with Knowledge Bureau.