Canadian Dental Care Plan Renewal Deadline Approaches
Know Your Client! It’s a daily commitment and requirement, especially in the work that financial advisors do with their clients. It’s imperative that you ask about any significant changes in their lives. Has there been a significant new event: a move to take a new job or go to university, a marriage or divorce, a new birth, a disability or a death? And, in the case of income tested benefits such as the Canadian Dental Care Plan, (CDCP) do they qualify? Did they file their tax return on time to get it? Do you know the deadlines for doing so? Do you know when coverage ends if your client now longer qualifies?Greatness in Leadership on the Executive Business Builders Network
As Shakespeare said in Twelfth Night, “Some are born great, some achieve greatness, and others have greatness thrust upon them.” In establishing your new value proposition and leadership challenges in a growing business climate, which of these applies to your great potential?
Addressing Unfair Tax Changes, Morneau Makes a Second Attempt at Tax Reform
The Finance Department backtracked on a few of their controversial tax reforms for private corporations this week, adding a tax cut of $2.9 Billion over the next five years to douse the flames of discontent. However, family businesses will continue to face tax risk and uncertainty due to a “reasonableness” test – albeit a simplified one – that will limit income sprinkling to contributors of labor, risk or capital in the business.
It’s Official: Government Is Moving Ahead with Tax on Passive Income
Finance Minister Morneau today announced that his department will move forward with their goal to tax passive investment income earned within private corporations. What’s becomes apparent from the minimal details released, is that not much has changed in the government’s intentions, since the measures were first floated on July 18, 2017.
Small Business Capital Gains Deduction Part II: Multiplying the Deduction
By issuing shares in a small business to family members, it is possible to multiply the capital gains deduction available to the family. A similar strategy allows for the multiplication of the deduction for family farms or fishing operations.
Life Purpose – Overcoming Obstacles
“Just because you’re down to your last strike, you’re not out yet. You can always do more. You’ll always have more at-bats to take. That’s true in baseball, in rescuing animals, and in life, generally.” - Tony La Russa
T2 Tax Course for Small Business Features Updates on Morneau’s Tax Changes
On July 18, 2017, Finance Minister Bill Morneau released a series of tax proposals which, if enacted, will have severe repercussions on Canadian private family businesses and their shareholders. Tax and financial advisors need to be aware of these proposed changes and understand what impact they will have on their clients before year end. Knowledge Bureau is pleased to announce it has published a newly revised online certificate course in T2 tax preparation and planning to help advisors get up to speed on the impact of these tax reforms.
