Finance Canada Drops Draft Legislation August 15

All professional tax practitioners, financial advisors should take note of an important mid-summer release of draft legislation to implement some of the proposals from the November 2024 Fall Economic Statement, the April 2024 Budget, the EIFEL rules announced on August 12, 2024, and rules relating to passive income of foreign affiliates announced in the 2022 federal budget.  This draft legislation also introduces more modifications to new trust filing requirements. Brief highlights appear below;  technical details will be discussed in the September 17 and November 5 CE Summits and Knowledge Bureau’s certificate course on T3 Filings. 

Time to hit the books – online, that is?  Summertime is a great time to earn specialized credentials by earning your Diploma or Designation from Knowledge Bureau.   We’ve got a special offer to help with the tax-deductible tuition fees:  a $100 saving for new students.  This early bird offer ends June 15.  Plus there is a bonus for our VIP Prior Grads:  save $100, $200 or $300 more.  Details below. Grad rates can also be applied to team training enrolments. And, best of all, you can start anytime, 24/7, even today!

The 2023 Distinguished Advisor Conference (DAC Acuity) takes place November 12 to 14 at the beautiful Banff Springs Hotel. It is going to be an outstanding industry event for several reasons: the incredible education from Canada’s top thought leaders in the tax, accounting and financial services, as well as our 20th Anniversary celebrations!  We invite you to experience all that this year’s event has to offer by visiting the new interactive agenda, just launched. You can enrol there for events, travel, hotel and  sign up by June 30 for early bird tuition reductions.  Hurry -  reserve the incredibly low hotel rates (rooms will sell out fast):

Looking for a new way to earn CE Credits? Check out the new micro-courses from Knowledge Bureau and build new relationships with new conversations with your clients!  Earn 5 CE Credits with Knowledge Bureau and FPCanada, IAFE, ICM, AIC and MFDA.  Now, save 50% on any collection of your choice until June 15!

There are many forms of entrepreneurship, from “gigging” part time to supplement income, to more ambitious ventures which hire many people from the get-go. That seems to be the secret sauce to economic development and growth in Canada. Yet, SMEs face formidable obstacles that could be removed with government support for private labor force development. But does government understand the SME sectors well enough?

The First Home Savings Account (FHSA) is the new investment vehicle on the block and people have lots of questions about it.  For example, is there an age limit to contributing to a FHSA?  Can you transfer your RRSP balances into it?  Should you?  Learn more here:

The Canada Emergency Benefit Account (CEBA) provided two loans to businesses; one for $40,000; the second for $20,000.  In each case up to $10,000 is forgivable, as long as the balance is repaid on December 31, 2022. This date was extended until December 31, 2023 as of January 12, 2022.  The term of the loan remains at 5 years, which means repayment must occur by 2025. Here’s what tax and financial services professionals need to know when discussing with SME clients.