Canadian Dental Care Plan Renewal Deadline Approaches

Know Your Client!   It’s a daily commitment and requirement, especially in the work that financial advisors do with their clients.   It’s imperative that you ask about any significant changes in their lives. Has there been a significant new event:   a move to take a new job or go to university, a marriage or divorce, a new birth, a disability or a death? And, in the case of income tested benefits such as the Canadian Dental Care Plan, (CDCP) do they qualify?  Did they file their tax return on time to get it?  Do you know the deadlines for doing so?  Do you know when coverage ends if your client now longer qualifies?

Tax filing season is over for close to 20 million Canadians whose tax returns have already been assessed this year. Of those, 14%, or just under 3 million taxpayers, had a balance due. On average, they owed $3700 upon filing; the rest got refunds (65%) or filed a nil return (21%) to receive refundable tax credits.

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The May 2 Ontario Budget announced the government’s intention to introduce legislative changes on various issues.

The article "Must Audit Support Documents be Electronically Filed?", published in the April 17, 2013 issue of Knowledge Bureau Report has been amended.

A “synthetic disposition” refers to financial arrangements which allow taxpayers to defer tax by “economically” disposing of a property while continuing to own it for tax purposes. These transactions were shut down as of Budget Day, March 21, 2013.

On May 2, 2013, the Bank of Canada announced that a new Governor of the Bank had been appointed under Section 9 of the Bank of Canada Act.