Should Deposit Insurance Be Raised from $100,000?

The Canada Deposit Insurance Corporation’s (CDIC) deposit protection is automatically applied when investors deposit money with a member bank or credit unions.  The object is to protect depositors should a bank fail.  The good news?  There has not been a deposit insurance payout in almost 30 years.  But now the framework is under review and both advisors and their clients may wish to weigh in, in particular because the deposit insurance limit is currently only $100,000 in specific deposit categories. 

It pays to file outstanding tax returns as soon as possible and certainly before May 1, this year’s tax filing deadline.  Here are 12 reasons why:

Did you know 2023 is an extremely important Milestone Year for CE/CPD Credits in the financial services industry? Knowledge Bureau designates need 15 CE Credits by June 30 to relicense; IIROC Cycle 9 ends on December 31, 2023 and Insurance Council licensing CE credits are due at various times throughout the year.  That’s why Knowledge Bureau is offering 5 new and exciting CE options to meet your professional development needs in 2023:

The price of lettuce in Canada – up over 35% in a year – is still an eyebrow raiser, despite the easing of the inflation rate in January to 5.9%, according to Statistics Canada.  What does that have to do with Asset Management?  Simply that 2023 is proving to be a tough financial year and advisors need to up their game to manage the concerns of anxious taxpayers and investors who are tapping into portfolios to pay for inflation and recent interest rate hikes, and coming up soon – their tax bills.

It’s been a fantastic two months here at Knowledge Bureau celebrating the big 2-0...our 20th anniversary! With so much on the horizon this year you will want to get involved! 

Did you know that employed commissioned salespeople can write off more tax deductions than other employees?  In fact, expense deductibility differs only slightly from that of the self employed. Yet, to get past a tax auditor, there are special nuances:  employers must be prepared to verify unreimbursed, out-of-pocket costs were required and there are some specific restrictions. Details follow.

Last year, those who owed the CRA owed a lot – over $7,000. Soon, the prescribed interest rates charged by CRA are going up and that could really increase the cost of carrying debt. Tax debtors can save more money by paying up before April 1. Here’s why