May 2025 Poll

Does the Liberal promise expected soon to cut the lowest personal income tax rate by 1% to 14%,  go far enough to help Canadians impacted by high costs?

FINANCIAL RECOVERY IN FRAGILE TIMES At The Distinguished Advisor Conference November 13-16 in Palm Springs Early Registration Opportunity Ends September 30 Winnipeg, Manitoba. As both natural and economic storms lash North America, a distinguished audience of leaders from the tax and financial services will gather November 13 to 16 at the Distinguished Advisor Conference to discuss family wealth management from a favourite retirement destination for Canadian boomers. "In times of great change, advisors have the opportunity to do great work.î says Evelyn Jacks, President, The Knowledge Bureau, founder and host of this event. "In fact, the times are unprecedented, which is why the experience, expertise and thoughtful collaboration by industry leaders is required to move forward. That's what this Distinguished Advisor Conference is about.î The inter-advisory forum will explore new ways to navigate families towards their best possible financial outcomes, in retirement and through inter-generational planning within changing landscapes in international tax law, financial and wealth management techniques: Eighteen influential speakers will take the stage to help advisors plan strategically to embrace the advantages of these significant times, build their teams with new competences and grow their practices with preparedness. There is still time to enrol at Early registration fee discounts until September 30. The event takes place at the Miramonte Resort and Spa in Palm Springs; detailed information is available by phone at 1-866-953-4769 or online at www.knowledgebureau.com/dac. Contact Knowledge Bureau for group rates for registrations and flights. Over 150 advisors are expected to tackle issues that require management in volatile times: from the global economy to consumerism, debt, portfolio construction, domestic and international tax and retirement planning and persistent challenges to a family's required investment returns.  

  Evelyn Jacks, Your Money, Your Life   To read the latest blog entry by Evelyn Jacks: Historic August: How well did you manage behavior?  

According to Stats Canada Report, Principal Field Crops, prairie farmers anticipate a record harvest of canola this year, as well as higher volumes of barley, oats and wheat compared with 2010. However, farmers in Ontario and Quebec anticipate a smaller crop of corn for grain in 2011. Year end tax planning can be important this year, to take these issues into account, and minimize the anticipated tax before the December 31 instalment payment for the year is due. For example, RRSP planning, family income splitting and a review of available loss carry forward options should be taken into account. Mandatory and optional inventory provisions may also play a role in averaging income levels. When it comes to the December instalment payment, most taxpayers know that when they fall into an instalment profile, they will receive a regular billing notice from CRA reminding them about this, based on their taxes payable of the immediately prior two years. Trouble is, if income has fallen since then, instalments may no longer be necessary. Yet many people keep paying the request for instalments sent by the CRA, instead of using or investing that extra money for themselves. Good news: taxpayers can request an adjustment to change instalment remittances by asking their tax or financial advisor to write a letter to CRA to request instalments be calculated under one of two other options: Current-Year Option. Under this option, the taxpayer's income tax liability (plus amounts that will be owing to the Canada Pension Plan - CPP) for the current taxation year is estimated, and then one-quarter of the estimated amount over $3000 is due on each of the four due dates: March 15, June 15, September 15 and December 15. Farmers, as mentioned pay, on December 31 based on 2/3 of prior year net taxes owing, plus the CPP for the year, or 2/3 of the anticipate current year amounts. Prior-Year Option. Under this option, you will estimate your instalments based on your prior year taxes and CPP premiums owing. Tax software computes this easily; otherwise see your tax professional for help. Taking control of the taxes paid on earnings is the first step in controlling more of your cash flow so that you can actually have the money to pay your bills and make investments, too. Additional Educational Resource: Tax Preparation for Proprietorships  

Jean Boivin, Deputy Governor of the Bank of Canada delivered an interesting speech to the Canadian Association for Business Economics on August 23, asserting that how people form expectations is important when it comes to monetary policy, and ultimately, responsible financial decision-making. Tax and financial advisors should take note, as they have a direct role in influencing those expectations with professional strategies, processes and procedures. "Economic outcomes are the result of people's collective decisions,î said Mr. Boivin, "and these decisions depend on how people think and what they expect the future to bring.î Those expectations are crucial, because they allow people to think long term. Since the inception of the Bank's inflation-targeting regime, for example, "well-anchored inflation expectations . . . have led to a better allocation of economic and financial resources and a more stable economy overall.î He concludes that "effective communication and greater common knowledge can . . . make it possible to . . . make more informed decisions; and, ultimately, reach better outcomes. A better understanding of expectation formation and effective communications can positively reinforce each other. This is not only true for monetary policy, but for decision making in general. This speaks to a pro-active need for more, not less constructive communication between advisors and their clients in volatile times. To review the entire speech see: http://www.bankofcanada.ca/2011/08/speeches/how-people-think/ Additional Educational Resources: Portfolio Construction for Real Wealth Management  

BC announced on August 26, it will reinstate the combined 12 per cent PST and GST tax system after its citizens voted to cancel the HST. An 18-month action plan was outlined for the transition process from HST to PST at 7%. The HST will remain in effect during that time, and the 5% GST system will also remain. Some of the transitional rules of note in the background information released include: The return of the funding received from the federal government for adopting the HST. Provincial PST transition rules to mirror federal HST transition rules will be developed. The provincial government will register approximately 100,000 businesses as tax collectors before the PST is re-implemented and provide information and training on the tax application, collection, compliance and reporting rules related to the PST. By the time the PST is re-implemented, there will be an estimated 30,000 new businesses in B.C. with no PST experience. These businesses will need to be registered and provided with detailed information and training to enable them to comply with the tax law. Businesses will need to change their own electronic and manual systems and processes to assess, collect, report and remit the PST and other related taxes to the provincial government. For more information see: http://www.hstinbc.ca/moving-forward/ ADDITIONAL EDUCATION RESOURCE; Evergreen Explanatory Notes, Advanced Bookkeeping for Selected Business Profiles

                                    EXPLORE RECOVERY FROM VOLATILITY At The Distinguished Advisor Conference November 13-16 in Palm Springs Early Registration Opportunity Ends September 30 Winnipeg, Manitoba. The times are unprecedented but the opportunities to differentiate and do important work are rife. Join thought leaders and a multi-disciplinary advisor audience from across the ranks in the Canadian financial services November 13 to 16 at theDistinguished Advisor Conference to discuss family wealth management at a pivotal time in history:   "In times of great change, advisors have the opportunity to do great work.î says Evelyn Jacks, President, The Knowledge Bureau, founder and host of this event. "In fact, the opportunity to share knowledge, experience, and expertise in thoughtful collaboration is both important and required to move forward. That's what this Distinguished Advisor Conference is about.î The inter-advisory forum will explore new ways to navigate families towards their best possible financial outcomes within changing landscapes: "In times of great change, advisors have the opportunity to do great work.î says Evelyn Jacks, President, The Knowledge Bureau, founder and host of this event. "In fact, the times are unprecedented, which is why the experience, expertise and thoughtful collaboration by industry leaders is required to move forward. That's what this Distinguished Advisor Conference is about.î The inter-advisory forum will explore new ways to navigate families towards their best possible financial outcomes within changing landscapes: Eighteen influential speakers will take the stage to help advisors plan strategically to embrace the advantages of these significant times, build their teams with new competences and grow their practices with preparedness. There is still time to enrol at Early registration fee discounts until September 30. The event takes place at the Miramonte Resort and Spa in Palm Springs; detailed information is available by phone at 1-866-953-4769 or online at www.knowledgebureau.com/dac. Contact Knowledge Bureau for group rates for registrations and flights. Over 150 advisors are expected to arrive in this popular Canadian retirement destination to tackle issues that require management in volatile times: from the global economy to consumerism, debt, portfolio construction, domestic and international tax and retirement planning and persistent challenges to a family's required investment returns. Contact: Evelyn Jacks, President, evelyn@knowledgebureau.com  Agenda, Application Form