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:CRA Wage Subsidy Error: Businesses May Have Missed Filing for Benefits
CRA has made a mistake on its calculations regarding eligibility for the Tourism and Hospitality Recovery Program (THRP), and as a result, has added modifications to its website . Be sure your clients who may have missed filed for support, or were previously under the impression they did not qualify, are apprised of the full list of eligible businesses, which appears below:
Postpone the Tax Deadline? The Vote is in!
It was close, in fact, a dead heat throughout the month as tax and financial professionals across Canada weighed in on the question “Should the tax filing deadline be extended for all taxpayers to June 15?” And the conclusion is a 50/50 split! Here are some of the reasons from those who participated in one of our most divisive poll questions to date.
DAC 2022: The Speed of Tax Change
Leaving the Workforce? Tax Changes & Effective Planning Strategies
After decades saving for retirement, transitioning to spending down savings can be a huge shift in mentality for retirees. Additionally, one of the biggest surprises that new retirees often face is how their taxes change upon leaving the workforce. For the average worker who has spent his or her adult life paying ordinary income tax via payroll withholdings, the shift to flat withholding rates combined with differing rules depending on the source of their income can leave many clients with an unexpected tax bill after they retire.
July 2022: A Raise for Older OAS Recipients
Were you born before July 1, 1947? It’s an important question to ask all your senior clients because they are in for a raise in their OAS benefits this year. The government announced an increase to Old Age Security by 10% for seniors over age 74, starting with the July 2022 benefit year. Eligibility is based on several criteria including individual net income on the 2021 tax return. Here are some additional details about the program, excerpted from Knowledge Bureau’s Advanced Retirement and Estate Planning Course, now available.
