New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

The topic of discussion is Retirement, Trust and Estate planning chocked full of critical information you need to know as you work with clients to maximize their wealth potential.  You’ll be treated to an in-depth analysis of the April 16 Federal Budget, a Trust boot camp, and a great discussion on retirement and cottage succession planning.  You don’t even have to leave your office!  Here’s why Connie, Zhu, DMA enjoys the Virtual CE Summits so much:

Do you have the skills to provide the process and structure your clients will need to effectively plan for their retirement? Differentiate yourself, attract new clients and increase profits by providing a high value service as a trusted advisor to your clients as a DMA™- Retirement Income Services Specialist. Learn more risk-free by taking a free DMA™ Program Orientation!

Are you taking your exemption on foreign currency exchange gains?  Are you reporting them?  It’s part of some “ancient tax law” still with us today.  And some of those provisions are often forgotten. Here’s a few of them:

As a financial advisor, a common query you might encounter is how clients can improve their financial position through charitable donations, particularly from sources like RRSPs/RRIFs or investments.  While there are tax-efficient strategies to encourage gifting from these sources, the suggestion that a donor can end up in a better financial position after making a gift is inherently flawed. Here’s why:

The federal budget will be tabled on April 16 this year.  As at the time of writing the following provinces had released or announced their provincial budget dates.  Stay tuned to Knowledge Bureau Report  for budget highlights and special reports on significant tax and economic news:

It’s important to keep up with breaking tax news and that includes provincial tax changes, to help clients make important lifecycle decisions like whether to start a job or business in another province.  Here’s what’s new from the budget in Quebec, brought down March 12, 2024.