New: Personal Support Workers Tax Credit Coming Soon

Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories.  Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement.  Here are the details:

The theme of this year’s International Women’s Day on March 8th is #EmbraceEquity.  It is an attempt to address the fact that Equality is not the same as Equity.  Especially for women.  Equality means each individual or group of people is given the same resources or opportunities. Equity recognizes that each person has different circumstances, and allocates resources and opportunities needed to reach an equal outcome.

Knowledge Bureau has introduced a brand new education tool tax and financial advisors can use with clients this tax and budget season, which may be of particular interest to newcomers to Canada and young new Canadians entering the workforce. The Finding Financial Freedom Collection is ideal – and a great gift - for anyone looking to improve their financial literacy and gain an understanding of the important role that income tax plays on financial health.

An incorrect approach to the technical side of payroll poses a risk to both employers and their employees: it can cost them money, cause them to incur penalties with the Canada Revenue Agency (CRA) or worse, face legal ramifications. Especially at this time of year (tax time) the pressure is on.

The first 1,256,938 tax returns have already been filed in the 2023 tax filing season and early stats tell us that both average tax refunds and average balances due are rising to unprecedented levels. In an inflationary environment, those are two great reasons to rush to your Tax Services Specialist’s office to get those tax returns done early and then discuss how to plan to make more and save more money – after tax - in 2024.  But there is a third reason too – a looming CRA strike on April 8, a day after strike voting ends.

Both BC and Alberta tabled their provincial budgets on February 28, while NWT and Nunuvut have already released theirs, February 8 and 23 respectively.  Key insights these documents provide regarding important tax changes for the 2023 appear below, together with the schedule of other provincial and territorial budget releases.

Taxpayers who turned 65 in 2022 will have some new tax filing nuances when preparing the 2022 tax return this spring.  Here’s what you need to know: