New: Personal Support Workers Tax Credit Coming Soon
Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories. Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement. Here are the details:Seniors Get Old Age Security Rate Increase
OAS rates are indexed quarterly based on changes to the Consumer Price Index. Seniors, who have not seen a raise since January 1, will receive an additional $2.85 per month starting in July. The Guaranteed Income Supplement (GIS) also increased by the same percentage.
Tax Tips: Foreign Asset Reporting
Did you know that as of May 16, 2016, like individuals, corporations can now file Form T1135 Foreign Income Verification Statement, electronically? EFILE has otherwise been allowed for the 2014 and subsequent taxation years for individuals. CRA will also make electronic filing possible for partnerships in the future, but they haven’t released a date yet.
The Distinguished Advisor Conference Young Advisors Award Winners Announced
Knowledge Bureau and Manulife are pleased to announce that Lindsay Sawyer Fay of E. Sawyer Financial in Winnipeg, Manitoba and Darren Ryan, a financial advisor with Ryco Financial in St. John’s, Newfoundland have been selected as the 2016 winners of The DAC Young Advisors Award.
What to Do When Risk Tolerance is Broken
More market volatility is certain in the aftermath of Brexit and in anticipation of the outcome of the US election. If you really want to help people reach their financial goals, and avoid “bad behavior” because of volatility in the markets, you need to have a broader and more powerful set of tools.
Better Manage Owner-Manager Compensation Discussions
As a result of recent corporate tax rate changes and adjustments to the taxation of dividends, one of the key issues faced by the owner/manager of a private business is how to best manage his or her compensation to maximize the amount of after-tax income available to the family.
Life Purpose
"Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world." Desmond Tutu
