The Canada Child Benefit Increase and Audit Risk
Families receiving the Canada Child Benefit (CCB) may have noticed an increase in their recent payments. Indexing takes place each July 1. Beginning in July of 2026, the CCB will provide families up to $8,157 per child under the age of 6 and up to $6,883 per child aged 6 to 17. There is audit risk that comes with that, however.BC and Alberta Budgets: February 28, 2023
Both BC and Alberta tabled their provincial budgets on February 28, while NWT and Nunuvut have already released theirs, February 8 and 23 respectively. Key insights these documents provide regarding important tax changes for the 2023 appear below, together with the schedule of other provincial and territorial budget releases.
T1 2022: What’s New For Seniors
Taxpayers who turned 65 in 2022 will have some new tax filing nuances when preparing the 2022 tax return this spring. Here’s what you need to know:
The Evolution of Bookkeeping Has Come A Long Way
The first ‘record’ of accounting dates back as early as the Mesopotamian civilization, where simple documentation was maintained in the books. Around the 15th century, an Italian monk named Luca Pacioli, considered the father of accounting, developed the double-entry bookkeeping system, which changed the accounting landscape completely. The evolution of bookkeeping has a come a long way from the 15th century when accounting ledgers were completed by hand, compared to today’s digitized process.
Canadians “Guessing” Their Way into Retirement
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.
Should Canada Bring Back Income Averaging Provisions? February Poll Results
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.
Tax Tip: Moving Expenses Can Be Lucrative
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!
