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:

The financial services industry lost a highly respected member of its community.  Dr. Paul Bates, M.T.S., DPT, FCPA, FCMA, CMC who was an exemplary, accomplished man, a fellow financial author and educator, an outstanding humanitarian and family man, and for so many of us, a true and dear friend. 

An exciting development over the past few decades has been the democratization of alternative investments, bringing these once exclusive set of investments to an ever-increasing group of investors. Advisors must be ready to discuss these products and help their clients navigate the risks and opportunities within the current market.  The alternative investment session at DAC Oct 16-18, led by Jennifer Louth, Sr. Learning Consultant FT Academy, Franklin Templeton, covers all of that and more. 

Last month’s poll in Knowledge Bureau Report asked  “Do you think that seniors over the age of 75 should continue to get the 10% increase in their Old Age Security benefits which began in July of 2022?”  Overwhelmingly the answer was yes:  89% for it; 11% against.  The comments that accompanied the vote were eye-opening.

In the April 2022 Federal Budget, the government announced its intention to add an additional tax on “luxury items.”  This new tax was included in Bill C-19, which became law on June 23, 2022, and collection of the tax began on September 1.  Items sold prior to September 1 are not subject to the tax even if delivery takes place after September 1.

With the recent spike in inflation, planners need to re-evaluate their financial plans.  I’ve previously written about revisiting the long-term mortgage amortization projections with rising interest rates and the impact of rising costs to cash flow (With Mortgage Rates Rising, Revisit Financial Plans).

Nominate someone you know for the DAC New Advisor Award today!