The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

Knowledge Bureau’s Advanced Retirement Income Planning Course kicked off with a day long peer-to-peer learning summit that featured four expert presenters and a highly engaged audience of tax and financial advisors from across Canada.  The online course is now available with recorded presentations and all the outstanding insights.   Some of the top retirement planning questions coming out of the session appear below, together with insights about the value this 15 CE Credit Certificate course: 

The capital gains inclusion rate changes have invoke wide-spread concern about the best ways to preserve assets built over a lifetime to fund retirements and pass down important real estate and business interests. These tax changes will indeed cost average households significantly more money when they dispose of the assets that form the cornerstones of their net worth.  Advisors have an important role to play in ensuring that the June 25 trigger date for the higher inclusion rates will not unduly upset retirement and estate plans.  Here are five things that can be done:

Please join the Society of Real Wealth Managers Meeting of the Minds to learn about the benefits of professional collaboration to enhance your value proposition, and how you can build your own Real Wealth Management office of the future on June 5 at 10 am CT. Save the date for this complimentary live, virtual event, and save $500 on program tuition when you enrol in the Real Wealth Manager Program by May 31.

The Acuity Conference for Distinguished Advisors (DAC) takes place November 10-12 in Montreal, Quebec and we are pleased to welcome the thought leadership of many returning education partners to the stage. These speakers are ready to wow the highly-engaged audience at the only multi-disciplinary conference for professionals in the tax, accounting and financial services. Please join us in thanking these organizations for contributing their thought leadership to this year’s event, and be sure to sign on as a delegate or partner by the June 30 early-bird deadline. Stay tuned as more details, including a comprehensive conference agenda, are coming soon!

A new Purpose-Built Rental Housing Rebate (PBRHR) is now available for landlords and builders of new or substantially renovated buildings being converted to residential rental units specifically to house students, seniors and apartment dwellers.  The federal government will refund 100% of the GST and federal portion of the HST.  Notably there is no $450,000 fair market value limit on the housing units, as required under existing GST/HST rebate rules.  However, the application process is still not set in stone.

Are you making full use of the tax advantages available by investing in a Spousal RRSP?  It’s a legitimate way to get a lucrative tax deduction in 2024, defer tax on income earned in the registered account, split income in retirement and in many cases, avoid clawbacks of income-tested benefits and credits.  Yet the simple strategy of using a Spousal RRSP for all these benefits is often missed.  Here are the basic parameters to share with your clients, who may wish to start by investing their tax refund.