Navigating Auto Expense Deduction at Year End: What Clients Need to Know
Doubtless you’ve had clients ask whether they can write off any portion of their vehicle for work or business purposes. And your answer, as always, is: “It depends.” The rules are worth reviewing at year end as they can vary significantly depending on how the client earns their income—employee, self-employed, or incorporated – and this is a deduction that’s often audited. Here’s a practical primer to guide that conversation.Do You Know What’s New in Personal Taxation?
Get a Comprehensive Look at Tax Theory Changes for 2024-2025, Line-by-line Changes on the Tax Return and Other Key Issues You Should Know About Before the Tax Season! Only at the CE Savvy Summit: 2025 Advanced T1 Personal Tax Update Tour. Choose from Virtual and in Person Events this January and take advantage of group rates for you team training. Register by January 10!
Why Do Financial Professionals Need to Know Tax?
Do you have the skills to provide the process and structure your clients will need to effectively plan for their retirement? Give yourself the gift that keeps on giving and earn new specialized credentials this December with Technical Courses Especially for Financial Professionals. Only $795 per course* (save $200) until December 15. Learn more about how learning new technical tax skills can help you differentiate yourself, attract new business and increase profits by providing a high value service as a trusted advisor to your clients who are increasingly leaning on their financial professionals who need to know tax!
Updated Course for New Entrants in the Accounting Field, Now Available!
The tax and accounting profession is facing a severe crisis due to a shortage of qualified accountants, according to a report from the Association of Certified Professional Accountants, and Knowledge Bureau can help. In fact, a new version of our popular certificate course, Bookkeeping in a Digital World has just been released, and is ideal for new entrants into the accounting field. Start here and then continue on your pathway to earning DMA™ Designation. Check out the details below:
Currency Risk a New Concern for Canadian Retirees
It’s been an expensive year of wealth erosion for Canadians, with new taxes and lingering inflation. From a year end planning perspective, are there tax strategies to consider with a new economic trigger; that is, the drop in the value of the loonie to a level even further than 4 year lows posted at the end of October, as the threat of tariffs to be imposed by the U.S. are increasing. Here are some things to consider:
Santa or Grinch? A Tax Break for Some, New Costs for Others
As with all things tax, the federal government’s recent announcement of a $250 Working Canadians Rebate comes with confusion and complexity. The provision was effectively halted in the House of Commons less than a week after its announcement and is now in jeopardy of coming to fruition for 2025. Here’s what you need to know however, to prepare to receive it, should the Liberals and NDP parties come to agreement on its structure:
Bill C-78 and the Finer Details: The GST/HST Holiday
Bill C-78 introduced on November 27 to suspend the GST/HST on a wide variety of goods from December 14 to February 15, 2025 appears to be moving ahead in the House of Commons on a fast track. The provisions deserve a deeper dive, however, as this comes with a multitude of significant future costs including unwelcome new tax audit risk for retailers. Here’s what tax advisors and their clients need to know and plan for before the end of the year:
