Should the Canada Employment Credit Reflect the True Cost of Going to Work?

With the rising cost of transportation, meals, clothing, and other work-related expenses, many Canadians are questioning whether the Canada Employment Credit, set at $1,501 for 2026, still reflects the real cost of earning employment income. Tax professionals, employers, and taxpayers continue to debate whether the credit should be increased, restructured, or replaced altogether. When our poll asked if the Canada Employment Credit should be increased, 87% said yes. Below are perspectives shared by tax and financial professionals across the country.

Uncertainty Lingers: Majority Won’t be Hiring in 2022

The reasons are varied, but 60% of KBR readers polled last month said they won’t be hiring new seasonal staff in 2022 and the prevailing reason is uncertainty. Those who will be hiring won’t be doing so before year end but are busy making training plans now.  Here are some of their thoughts on preparing for tax season 2022:

New! August Updates to EverGreen Explanatory Notes

Tax pros need to stay up-to-date all year long!  Knowledge Bureau’s Evergreen Explanatory Notes should be your go-to reference for answers personal, corporate and GST/HST questions. It’s your own top notch tax research library that seamlessly links you to CRA publications and forms while providing educational notes and examples. Best of all it is included in all certificate courses or as a stand-alone subscription.  Here are the topics updated in August:

Financial Wellness a Big Stressor for Employers & Employees

We have heard a lot about inflation in the last few weeks as the economy gets up and running again, and many people have been feeling stress about this.  This should be a big concern to employers, too, according to the Financial Consumer Association of Canada.    The issue will also be addressed at Virtual DAC Acuity 2021, October 17-19 with special guest speaker Dr. Brian Shaw, a well-known sports psychologist for the Blue Jays and author who has written about stress management for top financial professionals.  Financial advisors can help; here’s what you should be thinking about:

Audit Defence: September 23 CE Summit

Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. Early-bird registration ends Sept 15.

Society of RWM™ Virtual Speed Networking: September 8

It was such a hit last month, we’re doing it again:  Speed Networking so save the date: September 8th at 3:30 pm CT.  The Society of Real Wealth Managers’™ invites you to Meet a Real Wealth Manager (RWM™) to discuss ways to collaborate to bring high value care in the best interests of your clients.

Audit Defence at the September 23 CE Summits

Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. Everything is included, even the food, when you RSVP by August 23!
 
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Knowledge Bureau Poll Question

The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?

  • Yes
    4 votes
    16%
  • No
    21 votes
    84%