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:

If you’ve been following the news, and you rely on CRA for tax answers, you may be feeling a little nervous about this headline: CRA workers want 'unprecedented' pay raise of more than 30% over 3 years. Regardless of your opinion (advocates say it’s needed, critics say it would 'gouge' taxpayer), tax pros are frustrated with long CRA wait times. What happens if there’s a strike?  Cover your bases with Evergreen Explanatory Notes, your authoritative tax research library.

Tax season is just around the corner and now is the time to train new and returning staff to confidently prepare a deep and broad spectrum of returns for employees, families, investors, business owners and retirees.  There are two opportunities to learn:  in person on February 7 in Toronto and conveniently online any time with recorded presentations.  Early registration deadline for tuition savings is January 31. 

Here at Knowledge Bureau we are absolutely thrilled it’s 2023.  We were born in January 2003 and so it’s officially our 20th Anniversary! Please mark your calendar for these 20th Anniversary celebration events – and start participating to win hundreds of dollars in prizes!  This month we are celebrating the Marquis Client Award - which is who has taken the most Knowledge Bureau courses.

Same neighborhood, similar income, less cash flow?  The secret in the financial sauce could well be an RRSP strategy.  With the deadline only weeks away (March 1, 2023), it’s time to buck trends to forego the RRSP contribution and consult with your financial advisor now to exponentially increase both income and wealth.

Employers:  Do you have an opinion about your mandatory participation – by March 2024 -  in a new $43.9 million payroll remittance and EI benefits system overhaul which will result in a real time e-payroll system? The federal government has launched a consultation process and if you’re interested in responding, do so by January 27.

CNIL (generally pronounced senile) is the acronym for Cumulative Net Investment Loss.  Tracking CNIL started after December 31, 1987.  Most people don’t know why CNIL is so important and why tax software tracks it so carefully on a year-to-year basis.  But if you’re a small business owner counting on using your full Capital Gains Deduction, here’s what you need to know: