Podcast: Automatic Tax Filing - Will It Work?
Last week Taxpayers' Ombudsperson François Boileau tabled his annual report: In Pursuit of Better Service: Taxpayers Deserve More. once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years. Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution. A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive. Consider the following:Tax and Economic Education Matters – A Great Opportunity for Advisors
In a time of high inflation, and high debt, Canadians are paying attention to the economic messages they are receiving from government. According to a recent poll by Ipsos, Canadians are in fact having mixed feelings on the most recent November 3, 2022 Fall Economic Report and Mini-budget, which was followed the next day with Explanatory Notes to a 169-page Ways and Means Motion that amends the Income Tax Act for new measures.
With Almost $2 Trillion of New Wealth Coming – Are You Prepared?
“Global Wealth 2022: Standing Still Is Not an Option” from Boston Consulting Group (BCG) predicts that $80 trillion in new wealth will be created over the next five years, including almost $2 trillion in Canada to a total $9.4 trillion. Are you prepared for this transfer of wealth? Become an advisor for the future: take a bold step and differentiate your practice by earning your RWM™ Designation.
Great Choices for T1 Tax Training – The Virtual and In-Person CE Summits and More!
Knowledge Bureau is proud to offer two options for tax and financial advisors who want to shore up their T1 tax knowledge at Canada’s foremost T1 Advanced Tax Update! Join us live and in person if you’re in the Toronto area on February 7, 2023 ( yes, you can even go to a Toronto Raptor’s game that night!) or take the Virtual T1 Advanced Tax Update from the comfort of your home or office on January 18, 2023. But we also have options if you need T1 Tax Training now for new or returning staff.
The Largest Wealth Transfer in History – Many Will Transfer to Charities
Baby Boomers and Gen X are already in the process of transferring their wealth to Millennials and Gen Z. However, increasingly the solution to wealth transfer for singles will be to plan a donations strategy. Consider these reasons individuals donate to charities:
Is the CPP Sustainable: Pre-Retirees Will Soon Find Out
Is the Canada Pension Plan sustainable, and if so, are further premium rate increases required? The 31st Actuarial Report on the Canada Pension Plan (CPP)[1] is expected to be released before the end of December, 2022 and it should shed important light on how expensive these source deductions may yet become.
Capital Cost Allowance Changes: Immediate Expensing
Did you know that asset purchases before the end of this year could qualify for immediate expensing – that is, a full expense deduction for capital purchases? Yes, you read that correctly. Certain eligible asset purchases can be immediately expensed in the year the asset becomes available for use. This provision has recently been expanded to also include sole proprietors and many partnerships in 2022.
