Finance Canada Drops Draft Legislation August 15

All professional tax practitioners, financial advisors should take note of an important mid-summer release of draft legislation to implement some of the proposals from the November 2024 Fall Economic Statement, the April 2024 Budget, the EIFEL rules announced on August 12, 2024, and rules relating to passive income of foreign affiliates announced in the 2022 federal budget.  This draft legislation also introduces more modifications to new trust filing requirements. Brief highlights appear below;  technical details will be discussed in the September 17 and November 5 CE Summits and Knowledge Bureau’s certificate course on T3 Filings. 

Especially for tax planners and financial advisors:  we are transitioning to a new economy with a new government.  Gain critical insights into tax efficient retirement and estate planning to help your clients mitigate risk.  Mark your calendar to attend Canada’s most current virtual continuing educational summit from Knowledge Bureau on May 21.  Learn about the new Liberal government’s proposals for 2025 and beyond and earn a new credential, too: Knowledge Bureau’s new CE Summits – Advisory Diploma,  Register now to May 15 and save up to 50%.

Are you claiming all the medical expenses you or your clients might be entitled to? 

Last time we discussed ways to save money on a severance package using an RRSP and other important tax planning options. In the final instalment of this series, we’ll discuss other accounts to tap to meet cash flow needs, the tax consequences of challenging the amount of severance and a little-known tax trap when it comes to EI (Employment Insurance).  

If you have clients who are members of the Canadian Armed Forces (CAF), they may be eligible for a special tax credit. Here's what you need to know:

Introducing the Knowledge Bureau News Network – a new financial education environment everyone can engage in and in the case of professional tax and financial advisors, to start earning CE/CPD Credits, too. Check out the three networks to choose from. There are absolutely no pre-requisites; just a desire to master the news and what it means to the decisions you need to make about your finances, your business and your influential role in your community. Here’s how it works:

Missed Today’s RWM™ & Virtual Campus Orientation? The Recording is Now Available! Continue the conversation. Revisit the insights. Take the next step in your professional journey.