News Room

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:

Life Purpose

"If opportunity doesn't knock, build a door." Milton Berle

Proprietors: File Now to Avoid CRA Interest Charges

Unincorporated business owners can avoid late filing penalties by filing their taxes before midnight June 15. However, if you owe money to CRA, you must pay by midnight May 2 to avoid interest charges.

Relationship Breakdowns Can Be Taxing

Saul lost his job and was not able to keep up with his required support payments to his estranged family. He was required to pay $500 per month in spousal support and $1,000 per month in child support. He did not begin to know how to claim his arrears payments on his tax return. Fortunately his Tax Services Specialist could help.

Seniors See No Raise for Second Quarter

Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) are indexed quarterly. However, the indexation factor for these purposes for the second quarter—April to June 2016—is nil so there will be no raise in the monthly benefit amount for that period. But that doesn’t mean consumer spending didn’t cost more last quarter, as reported by Statistics Canada, especially for food, alcohol and tobacco.

A Five-Step Process for Managing Tax-Efficient Wealth

As government budgets close one tax advantage after another, it pays to do some tax planning now as you complete your 2015 tax return. Tax time is a great time to prepare a financial assessment through a sound interview process with your advisors. That’s because it’s a great opportunity to review financial affairs of the family as a whole.

People in the News: Cecil Baldry-White

Cecil Baldry-White, CEO of Alitis Investment Counsel, believes there are six major challenges that wealth advisors face in attaining higher returns and longer term performance for their clients in today’s difficult investment environment, and he believes we must meet these challenges head on.
 
 
 
Knowledge Bureau Poll Question

Do you believe SimpleFile, CRA’s newly revamped automated tax system, will help more Canadians access tax benefits and comply with the tax system?

  • Yes
    5 votes
    8.93%
  • No
    51 votes
    91.07%