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?

Knowledge Bureau is pleased to announce that Brent Gleeson, a Navy SEAL combat veteran with multiple tours to Iraq and Africa, and writer for Inc.com and Forbes.com will speak at the Distinguished Advisor Conference, Nov. 6 to 9 in San Diego. Early registration is now open until June 30.

"Consult not your fears but your hopes and your dreams. Think not about your frustrations, but about your unfulfilled potential. Concern yourself not with what you tried and failed in, but with what it is still possible for you to do." Pope John XXIII

Losing a job—especially unexpectedly—can be a difficult life event. You should know how to keep as much as possible of a lump sum that might come your way. The taxes on this lifeline can rob you of precious resources while you look for new work or arrange for your retirement income. There are also investment planning decisions to be made.

If you were subject to the OAS clawback on your 2015 tax return, your OAS cheques starting July 2016 will each be reduced by 1/12th of that clawback amount. But there is a way to reduce the recovery tax and increase your monthly OAS cheque.

A bright spot in economic news:  farmers are thriving!  Farming is no easy way to make a living, subject as it is to the whims of weather, disease, currency fluctuations, and more. So it’s good to hear from a Statistics Canada report published on May 25, 2016, that Canadian farmers are doing better than one might think.

When a depreciable asset is disposed of and the result is a negative balance in the CCA class, that negative balance is normally included in the taxpayer’s income (as recapture of CCA) in the year of disposition.