Elbows Up: The Time for Personal-Corporate Tax Reform is Now
One can’t avoid the messaging of the economic pain to come. Our deteriorating economic relationship with our biggest trading partner will require us to “pivot and prosper” in order to emerge “stronger and more resilient” says our Prime Minister. While exactly how we will do this is still unclear, there is one clear opportunity: for both federal and provincial governments to initiate a significant personal and corporate tax reform in the upcoming fall budget.Strategic Partner in the News: Intuit
Knowledge Bureau is proud to announce the continued support of Intuit at the Distinguished Advisor Workshops in 2016/2017.
Life Purpose
"You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you." Maya Angelou
Tuition, Education and Textbook Credits: Use Them before You Lose Them
Hard to believe, but it’s back to school time and parents and students are already busy preparing for fall classes. Thank goodness there is tax relief for the expensive tuition fees and textbooks. But some of them will soon be lost, starting as soon as January 1, 2017. Are you up to speed on the changes?
Job Loss, Post-Secondary Education . . . and Lemonade
The big economic news published this month by Stats Canada was that for the period from the first quarter of 2015 to the first quarter of 2016, Canada’s job vacancy rate (the share of unfilled jobs over all jobs) declined in nine provinces and two territories. Yet by July of 2016, the unemployment rate increased by 0.1 % to 6.9%. So what’s the connection with lemonade?
Executors: Go Back to Tax School with T2075
Executors take note: CRA has issued an update of Form T2075, Election To Defer Payment Of Income Tax, Under Subsection 159(5) Of The Income Tax Act By A Deceased Taxpayer’s Legal Representative Or Trustee.
RDSP: Take a New Look at RDSP to Help the Disabled
Is there a new disability in the family for someone under the age of 49? Astute tax and financial advisors will want to introduce the RDSP (Registered Disability Savings Plan) as a savings option to shore up support for the future. But, who is eligible and what can be contributed? A primer on this very lucrative plan should be discussed with your clients.
