Helping First Nations, Inuit and Metis with Tax Filing
The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.Average Refund $1740: Too Much CRA in Your Pocket?
At a time when 48% of Canadians say they are $200 away from insolvency*, an important tax question arises: why are tax refunds so large? The average as of December 31, 2019 was $1740. That’s $145 a month missing from Canadians’ pockets that could help mitigate the cash crunch. Worse, those refunds won’t start flowing until after February 24, the day CRA starts accepting E-filed returns. Fortunately, there is good news: working with a tax specialist can help reduce the wait times and increase refunds, too.
New BPA: Poll Says ‘No’, It Doesn’t Improve Tax System
The new Basic Personal Amount proposed on December 9, 2019 is very complicated. The calculations on the TD1 forms and their accompanying worksheet will challenge even those with pride in their financial literacy. What do tax and financial advisors think: is this tax change an improvement to our tax system? You may be surprised at the verdict in last month's poll.
B.C. Regulators Ban Charitable Gifts of Life Insurance
Life insurance and Estate Planning professionals across the country were recently shocked to discover that traditional gifting of life insurance policies to charity is now considered “trafficking” by the British Columbia Financial Services Authority.
Sharing the Love: Announcing the Gratitude Contest Winner & Your Valentine’s Day Gift
The news is big: first, we are delighted to announce the winner of a free registration to The DAC Acuity Conference in Niagara Falls this October 28-30. Next, we have a Valentine’s Day gift for you! And last but not least, something to make you smile: check out the DAC photo gallery of the highly successful 2019 DAC in Puerto Vallarta. Guess who had the most fun?
Attendees Rave About the CE Summit Knowledge Journal: Get Yours!
Did you miss the Winter CE Summits? You can purchase the CE Summit January Advanced Tax Update Journals for your team for only $395. Plus, you get the new assignments included for free. Here's why Winter attendees encourage you to get yours:
Charitable Donations by Will: Income or Capital?
Last week at the CE Summits in Vancouver, an interesting question arose with regards to the deductibility of gifts left by a deceased taxpayer to a specific charity in his will. Would that specific bequest qualify for the donations tax credit on the final return, a trust return or both? It turns out, the answer may be neither.
