Late Filing Penalties: Talk About It!

While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:

Significant gains in transfer payments combined with good market income growth translated into an increase in median income for Canadian households, to $57,000 in the period 2000 to 2016. There is a message in the numbers for pre-retirees, and in particular women: be proactive about tax-efficient investing now or risk poverty in retirement.

The transformation of the CPP, new income splitting rules for family business and more are changing the retirement planning game, and a new study shows that clients find the most value when their tax or financial advisors make retirement-related services a priority.

Understanding CPP changes is something Canadians continue to struggle with. Here is some history, and key guidelines to share with your clients and guide you in leading them towards tax-efficient income planning decisions in 2018 and beyond.

Now that it’s May, a whole new tax season – 2018 - has begun! It’s prime time to “spring into studies” and enhance your career with knowledge and skills in personal tax consultancy.  Why?  Artificial intelligence and software solutions can’t replace the true value of specialized advice.

Small businesses in Canada are responsible for employing 8.2 million Canadians, which is 70.5 percent of the total labour force.1 Recent tax changes impacting small-business owners require broader, deeper tax knowledge for accurate, audit-proof returns. It’s time to brush up on audit-proof tax filing skills now in advance of the June 15 final filing deadline.

Knowledge Bureau is pleased to announce that Franklin Templeton Investments will be joining us again as a partner for the 15th annual Distinguished Advisor Conference (DAC) taking place in beautiful, historic Quebec City, November 11-14, 2018. You won’t want to miss two important educational sessions offered by Franklin Templeton.