Tax Avoidance, Financial Stress & Well Being

Earlier this month, Statistics Canada published a report titled Stretching the Loonie: a time series analysis of financial difficulty and quality of life. The report is based on a nation-wide survey and the results are concerning. They reveal a serious trend and it is possible this is contributing to the late filing trend we are seeing this tax season.

CIBC’s latest annual Financial Priorities poll holds some disturbing revelations.  When survey respondents were asked how they are determining how much money they will need to retire: A shocking 33% indicated they are using their “best guess” and only 14% indicated they are arriving at a number with the help of an advisor.

With high inflation rates, currently 5.9% on average across the country – all Canadians are feeling the pinch. One could argue that those earning an income that varies significantly year-to-year are being hit even harder.

Did you move during 2022 to take a new job or start a new business or even to go to school?  If so you may be eligible to claim a host moving expenses on your tax return.  But the time to get your receipts together is now!

Do you pay union dues?  Then you will qualify for a tax deduction and possibly a GST/HST rebate.  Here’s what you need to know:

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: