Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

Tax, accounting and financial advisors who have deep and broad knowledge about tax efficient retirement income planning, starting with the options available to defer the OAS and CPP pension can provide a valuable added service to a broad base of clients in all three stages of retirement:  pre-retirement, the “in-retirement” period and post-retirement, when survivors seek clarity about survivor benefits.  And there is a wide knowledge gap, as discussed below. For these reasons receiving a professional certificate on the completion of the Knowledge Bureau’s Tax Efficient Retirement Income Planning course is an important investment. 

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. The speakers from these organizations are ready to wow the highly-engaged audience at the only multi-disciplinary conference for professionals in the tax, accounting and financial services. Register or partner with us by the June 30 early-bird deadline to save on delegate and sponsorship fees.

Now you can earn 20 life credits with AIC along with 30 KB, 30 life credits with ICM, 20 CIRO PD, and 20 MFDA and lead a collaborative team of professionals and help your clients accumulate, grow, preserve and transition sustainable wealth The RWM™ credentials signify comprehensive training in delivering holistic wealth management service. Want to learn more about the RWM™ approach? Register now to join us at a complimentary live-virtual event on May 7, hosted by practicing Real Wealth Managers™ and outstanding thought leaders, and explore an interactive online Orientation.

Mark your calendar for 17 big tax and benefit milestones in April! Prescribed interest rates from the Bank of Canada remain the same this quarter, but new rates for OAS are in effect. Check out the details below:

Two provincial budgets were released on either side of the Easter Weekend:  Ontario’s on March 26 and Manitoba’s on April 2, and their approaches were entirely different: one reflecting few taxes changes (but a promise of tax reform!); the other a plethora of broad-reaching new ones that will raise taxes and increase complexity.  Here’s what you need to know:

As Canadians scramble to meet their April 30 tax filing obligations, the federal government plans to release its next budget on April 16.  Expect more red ink as debt services costs skyrocket. According to a new study by the Fraser Institute, the government debt burden for families across Canada has been growing significantly, it’s making us poorer.  The numbers tell the story, below, and underscore the need for a fiscal focus on our future prosperity.