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:

In a recent Tax Court of Canada Case a taxpayer won and important appeal when the Canada Revenue Agency (CRA) invoked the General Anti Avoidance Rule (GAAR) on October 17, 2021.  Here’s what happened:

The RDSP (Registered Disability Savings Plan) is an excellent savings vehicle to build future pension assets for disabled people, all with generous government matching support.  An important deadline was approaching on December 31, 2023 regarding the status of Qualifying Family Members (QFMs).  Thanks to the March 2023 budget, however, this has now been extended.  Here are the details.

Investors in residential real estate – both non-residents and some Canadians - must file their first UHT return by October 31.  Beyond this, a small but important window is available to prepare individuals, trusts and private businesses for new tax eroders before the end of 2023.  For these reasons, Knowledge Bureau is presenting four important professional development days – November 1, January 17, 25 and 26, accompanied by new online micro-course collections.  Details below.

According to the 2024 Canada Salary Guide released by Robert Half, Competition is intense for skilled finance and accounting talent, and top candidates often receive multiple job offers. Some employers prefer to hold out for experienced professionals with in-demand skills, but that approach can result in overlooking high-potential candidates. To overcome staffing gaps, managers are considering people who may need technical training but have polished soft skills. Knowledge Bureau’s programs and courses leading to specialized credentials can help prepare business owners in the field with technical training their new hires need in tax and accounting.

We’re less than a month away for DAC Acuity 2023 at the Banff Springs Hotel, and the agenda features a tax planning powerhouse ready to help you prepare for tax season 2024.

 Canadians spent $34 billion on prescriptions in 2018, and it’s no surprise that statistics show that older people consume more prescription drugs than the young. In fact, drugs are the second biggest expenditure in health care after hospitals. We also spend lots on doctors. It’s an important consideration for your Baby Boomer clients who will all be aged 65 and older by 2031, especially as a national pharmacare program will not be on the horizon until at least 2027. But, for this year, progress is being made on the new Canada Dental Care Plan.  What’s important is to keep all receipts immediately. Here is an overview of what’s on the horizon: