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:No Tax Relief for Middle Class: A Bigger Bill Despite Government Claims
A recent study by the Fraser Institute reveals that the Liberal government’s changes to the personal income tax system have already raised taxes for the vast majority of middle-income Canadian families (81 percent) by an average of $840 annually. But there’s more to come. . .
Our Top Posts of 2017: What Are Financial Professionals Reading?
It’s a sign of the times: Knowledge Bureau Report readers were most interested in recent tax news, based on our top five posts revisited here. The proposals to change the tax system for private corporations are of most concern; small wonder, too. Not yet law, Tax on Split Income (TOSI) rules begin January 1, 2018. Principle residence reporting changes are important too. Here’s what mattered most to our readers in 2017:
Tax Audit Practices: Small-Business Owners Need Financial Education
Small businesses in Canada are responsible for employing 8.2 million Canadians, which is 70.5 percent (1) of the total labour force. Recent tax changes are impacting small-business owners, their families, and the middle-class population in general, significantly. It’s time to take control with broader, deeper tax knowledge.
Let’s Collaborate: Get in on the DAC 2018 Agenda
Knowledge Bureau’s annual Distinguished Advisor Conference (DAC) will be taking place in beautiful Quebec City from November 11-14, 2018. The theme is “Changing the Face of Community – Collaboration with Impact.” We would love to hear what this means to you, and what you’d like to see in our compelling sessions at this pre-eminent educational event.
Mark Your Calendars: Post-Budget Analysis for Canada and the U.S.
Knowledge Bureau is pleased to announce that its next professional development days - the CE Summits - will held May 29 to June 6 in Winnipeg, Calgary, Vancouver, and Toronto. Featuring special guest Dean Smith of Cadesky Tax, who will join Evelyn Jacks to discuss post-budget tax reforms in Canada and the U.S.
Tax Tip: A New Tax Credit for Infirm Children
Last week we discussed a new Canada Caregiver’s Credit (CCC) for spouses and eligible dependants who can be claimed as “equivalent to spouse.” But did you know that you can now make a new claim if you are a caregiver of a dependent minor or adult child who is infirm? It’s possible under the revamped Canada Caregiver Credit.
