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:Immediate Write-Off of Capital Assets: Designated Immediate Expensing Properties
The 2021 Federal Budget proposed to allow Canadian Controlled Private Corporations (CCPCs) to write off up to $1,500,000 of “eligible assets” per year if the assets were purchased between April 9, 2021 and the end of 2023. However, when the legislation was introduced in Bill C-19 (but not yet passed), the parameters had changed.
Planning Opportunities with Spousal Trusts
Knowledge Bureau’s May CE Summit featured a review of the appropriate time to consider trusts in planning and in particular, spousal trusts. The instructor presentation, led so expertly and enthusiastically by Carol Willes, MBA, LLM, TEP, underscored some important issues, discussed below in an excerpt from the Advanced Retirement and Estate Planning course, now available with the instructor-led presentations, for students who wish to study online.
Did You Miss the CE Summits? Access the Incredible Education!
Master Your Retirement, 10th Anniversary Edition Available!
Best-selling author Doug Nelson, CFP, CLU, MFA™, RWM™, CIM, is a 27-year veteran of the financial services industry in Canada with a singular vision for his readers: Don’t just “do” retirement…instead “Master Your Retirement”! He wow’d the audience at the Virtual CE Summits on May 18, and he has some upbeat advice for those still worried about the one big question all retirees have.
Average Tax Refund Just Under $2,000
By May 3, the CRA received a total of 25,857,885 returns filed by Canadians – 94% of them electronically - which is 83% of the total returns filed last year. The average tax refund is $1,987: a jump from last year’s average of $1,878. What that means is that the CRA is increasingly holding on to more of Canadians’ money throughout the year – about $165 a month – which could be put to good use in inflationary times. With 17% of returns left to file in advance of the June 15 deadline for proprietorship, it’s also important to note that those filers who owe so far have also paid a substantial chunk.
