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.Use a Tax Strategy to Offset Potential Rising Mortgage Costs
Did you know that housing investment has outgrown business investment for the first time since 1961 and housing investment currently sits at 71% of GDP and is growing at two times the rate of the economy? Canadians are devoting more capital to housing and with that shift in investing activity, there may be room for year end financial planning to mitigate upcoming risks on the horizon. One of them is rising prices – interest and inflation, for example.
Canada Job Grant: Options for Education Funding
Knowledge is power, and if you are looking to train new and returning employees for the upcoming tax season, it can also be government sponsored. The Canada Job Grant could potentially help fund employee training for tax season for up to $15,000 per trainee in certain jurisdictions. One of our clients received that funding for Knowledge Bureau training in less than two weeks. What are the granting and funding options when you need to train staff in a hurry? It depends on where you live. Here are the details.
Avoid Paying High Interest Costs to CRA
Did you know that just under 200,000 people still owed money to CRA for the 2014 tax year going into the last holiday season? That’s less than 1% of all individual tax filers and they don’t owe that much: the median gap is $780 per individual. But owing CRA money can be very expensive. Here is how they are calculated and what you can do to speed up tax bill delinquency to start this year’s holiday season on sounder financial footing:
Esteemed Tax Specialists Prepare Pros for Tax Season 2022
Knowledge Bureau’s acclaimed Advanced T1 Tax Update for 2021 T1 Returns is coming soon on January 19, 2022! Loaded with new information from highly esteemed tax specialists and features a comprehensive Knowledge Journal and Desk Top Reference packed with “Dark Horses” – little known tax facts and theory that will make a big difference filing more accurate returns in tax season 2022. Register by December 15 to receive this valuable desk top reference and your lunch, all included in your tax-deductible tuition fees!
Connect, Contribute & Collaborate with the Society of RWM™ in 2022
Society of RWM membership renewals are due December 31 for existing members and include Knowledge Net Tools and Calculators and relicensing fees for the continuation of use of the RWM™ designation. New members are now being invited to join, too, and the benefits are significant.
An Important Option: Applying for Taxpayer Relief
There is an important, front line role tax professionals can take to help devastated flood victims with tax relief, effective immediately. CRA issued a statement on November 30 encouraging residents of BC affected by the flooding to request taxpayer relief if it affects their ability to pay their taxes on time. However, any taxpayer who is experiencing hardship may want to discuss a relief request, especially if errors or omissions that have lead to missed refunds or benefits. Here’s an overview on two important relief options available:
