The Canada Child Benefit Increase and Audit Risk

Families receiving the Canada Child Benefit (CCB) may have noticed an increase in their recent payments. Indexing takes place each July 1. Beginning in July of 2026, the CCB will provide families up to $8,157 per child under the age of 6 and up to $6,883 per child aged 6 to 17. There is audit risk that comes with that, however.

Most people hate paying taxes but not far behind is their dislike of paying for tax and other professional financial services. However, value propositions for clients can be increased when they understand how professional fees are being claimed to their advantage on their tax returns.

Even at the end of tax season, some last minute tax tips can help clients and their families win extra dollars this year – or possibly next.  There are some eyebrow-raising write-offs under the category of medical expenses for example, that might make a knowledgeable tax expert the most interesting person around the water fountain.

The 2015 Federal Budget introduced significant changes to Canadians’ finances.  The challenge now for most tax and financial professionals is deciphering these changes and putting them into action in a meaningful way for clients.

Knowledge Bureau is pleased to introduce Murray Leiter, who has recently updated the new edition of the Elements of Real Wealth Management course.

Tax breaks and economic incentives have been peppered throughout Canada’s pre-election budget document with savers, seniors and small business corporations emerging as big winners. 

Self-sufficiency in self-funding future retirements is clearly an issue and the big news coming out of this budget is the opportunity to do so.