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:

Investing time and money into new Specialized Credentials or continuing professional develop is an important undertaking and you want to make the most of both.  That’s why you’ll want to learn more about the tuition fee amount and the Canada Training Credit (CTC) as potential tax assistance when you take a Knowledge Bureau course. 

Are you looking to increase your multi-generation client base?  Here’s an obvious need and a huge void: 70% of private company owners in Canada plan to either transfer or sell their businesses when they retire—but many don’t have a plan in place. In fact, almost half plan to pass ownership to the next generation, but of those, 47% of them don’t have a succession plan[i]. You can fill this big void by advising family business and we have a targeted CE course to help you do that. 

Fall Economic Statement 2022 November 3, 2022.  Knowledge Bureau will be deciphering and interpreting the economic, tax and financial news the Finance Minister will announce. Mark Your Calendar for a Special Knowledge Bureau Report on November 9 and don’t forget to register for the comprehensive CE Summit workshop on November 16. Enrol now to train on the critical issues that Canadian taxpayers will face in Canada’s most current year end tax planning update.     

November 3 is the last day for the retroactive claiming of certain pandemic support provisions. Have you spoken about these opportunities to business owner clients you work with? Here are the details:

Did you know that Canada ranks only 16th on the OECD’s  International Tax Competitiveness Index; behind Estonia, which is #1, and even Turkey which is #9.  It ranks 31st for individual taxes and 27th for corporate taxes.  High taxes can have many negative consequences for a competitive economy.  Which are the most damaging? 

The October Knowledge Bureau Report poll question asked: “Are your clients worried about a recession in 2023 and its effects on their financial status?”  Overwhelmingly, the answer was yes, at 87.25%. This means there is a tremendous opportunity to connect with your clients for year-end tax planning and help them stay on plan, with tax efficiency.  Advisors who participated from across Canada had these observations: