Did you know that the Disability Tax Credit is not only lucrative when it is claimed on the tax return, but it is required to enable fifteen other provisions on the return. There is so much money left on the table when this provision is missed. Here are the additional provisions, and why working with a DMA™ Personal Tax Services Specialist is so important. In fact, it’s not too late to get this credential yourself before the start of the tax season.
In a paper titled The Mystery of Unclaimed Tax Benefits published in 2020 the authors found that about 10 to 12 per cent of Canadians don't file their tax returns. And if we look back almost a decade ago (2015) researchers estimated that the benefits lost to working-age non-filers was about $1.7 billion. That number has to be higher today, especially with all the new inflation protection measures being announced recently.
If you’ve been following the news, and you rely on CRA for tax answers, you may be feeling a little nervous about this headline: CRA workers want 'unprecedented' pay raise of more than 30% over 3 years. Regardless of your opinion (advocates say it’s needed, critics say it would 'gouge' taxpayer), tax pros are frustrated with long CRA wait times. What happens if there’s a strike? Cover your bases with Evergreen Explanatory Notes, your authoritative tax research library.
Tax season is just around the corner and now is the time to train new and returning staff to confidently prepare a deep and broad spectrum of returns for employees, families, investors, business owners and retirees. There are two opportunities to learn: in person on February 7 in Toronto and conveniently online any time with recorded presentations. Early registration deadline for tuition savings is January 31.
Here at Knowledge Bureau we are absolutely thrilled it’s 2023. We were born in January 2003 and so it’s officially our 20th Anniversary! Please mark your calendar for these 20th Anniversary celebration events – and start participating to win hundreds of dollars in prizes! This month we are celebrating the Marquis Client Award - which is who has taken the most Knowledge Bureau courses.
Investors need to quickly sharpen their tax and financial skills to meet more challenging times ahead, and a good way to start is to find the right advisor says Knowledge Bureau Founder and President Evelyn Jacks, best-selling tax financial author and award-winning educator. That’s someone who is prepared to work with you holistically and with a multi-stakeholder approach to building sustainable family wealth – after taxes, inflation and fees.
The World Economic Forum, which wraps up this week, signaled more gloomy economic news for 2023, more interest rate hikes to come, and a mild recession. For worried investors, retirees and employees, particularly in the tech industry, shoring up new learning opportunities is a good idea. Knowledge Bureau can help with a new series of Specialized Credentials and micro-courses that begins with a solid understanding of a key wealth eroder: TAX.