The Gateway: Maximizing the Impact of the Disability Tax Credit
In addition to reducing income tax through a non-refundable credit, the Disability Tax Credit (DTC) serves as a gateway to a wide range of additional tax benefits and government programs. Eligibility for the DTC can unlock enhanced credits, financial supplements, and long-term savings opportunities that go well beyond the tax return. Understanding how the DTC connects to these broader supports is essential for maximizing financial stability—both for individuals living with disabilities and the family members who support them. Unfortunately, many taxpayers miss this credit and their tax and financial advisors can certainly help when this happens.New! The Knowledge Bureau Network: Getting the Right Outcomes
Hello and Happy New Year! Welcome to a new column, which I am excited to share with you. The purpose is to think about the practical applications arising from tax and economic issues of the day and what impact they have on the lives of your clients. Today, my musing are about Getting the Right Outcomes.
Canada Worker Lockdown Benefit (CWLB) Expanded
You may have missed the news during the holiday hustle, when the federal government announced an expansion to the Canada Worker Lockdown Benefit (CWLB). There are also new tax filing deadlines to be aware of. Here are the details:
Knowledge Bureau Tuition Receipts Available Now
Did you know that Knowledge Bureau is a private, educational institution certified by Employment and Social Development Canada (ESDC) to provide courses that develop or improve skills for those working in the tax, bookkeeping, accounting, and financial services industries? What this also means is that Knowledge Bureau students who have paid tuition fees in excess of $100 in 2021 qualify for the tuition fee amount, and the T2202 tax slips to claim this are now available in your Virtual Campus.
One Week Until Canada’s Premiere Advanced Personal Tax Update
Canada’s most comprehensive and popular advanced personal tax update is taking registrations for just one more week! It’s a blended learning experience that starts with the January 19 live virtual event, and also includes an online course which is available to attendees until February 28. Plus, you’ll receive what our delegates call the “Tax Bible” – the comprehensive desk top reference coveted by tax and accounting professionals from coast to coast. Register now for the January Virtual CE Summit!
The Next Meeting of the Minds: RWM 360 Degree Trigger Tour
2021 was a year of personal physical, mental and emotional life triggers, coupled with many economic and financial changes. How can just one financial professional ensure that their client's holistic wealth management plan is focused on tax efficient wealth sustainability with so many triggers at once? Join the Society of Real Wealth Managers™ and seven special guests for the next Meeting of the Minds: 360 Degree Trigger Tour on February 2 at 10 AM CST. These Real Wealth Managers™ will share the timely triggers that may be impacting your clients’ holistic planning solutions in 2022 and why Real Wealth Managers™ are poised to help.
Economic Statement: Recovery Well at Hand
The federal government released a fiscal and economic update on December 14 that brought in a small number of tax changes and a message that despite the steepest economic contraction since the Great Depression, our “one-in-a-lifetime economic trauma” is fading into history, as Canada has recovered 106% of the jobs lost during the pandemic. There is more good news, according to the government, and some red flags on the horizon:
