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.

Missing on Task Force: Female Entrepreneurs

The government has recently appointed a new Task Force on Women in the Economy.  However, what’s missing among the 18 educated and highly qualified women on the board* is representation from the many women who, through self-employment and independent business ownership, contribute so much to growth in our economy. That’s a big miss.  Here is why that is important: 

Help with High Value Professional Skills as a Real Wealth Manager™

With the dramatic increase in digital solutions, and the challenges presented by the pandemic, more of your clients may require more frequent communications, improved collaboration between their financial professionals and more efficient processes in building wealth with all family stakeholders.  In a highly complex tax and investment environment, differentiate yourself as a Real Wealth Manager™.  Your new high value professional skills will help you connect the dots, and when you do, a bonus:   you’ll receive an invitation to join in on some important peer-to-peer networking opportunities coming up this spring – exclusively for Real Wealth Managers™.

Second Quarter Rate Checkup

It’s April 1st next week, and that means a number of rates for the second quarter to reflect inflation calculations.  This includes prescribed interest rates that affect how much you will receive on interest on refunds owed to you by CRA and pay on CRA overdue balances due from you.  Will seniors get a raise on their OAS payments?  What will be the prescribed interest charge on shareholder loan accounts?  Here are the details:

It’s Not Too Late to Learn Professional Tax Preparation for 2020 Returns

It’s not too late to learn to prepare personal income tax returns from your home or office and now you can confidently learn and practice doing 2020 tax returns with Knowledge Bureau’s newly released 2021 Professional Basic Tax Course. 

Take Two CE Summits to Stay Informed

You may have heard the saying “the harder I work, the luckier I get.”  When it comes to tax, bookkeeping and financial advisory services,  it can also be said that the more education you have, the better the advice you’ll give to the benefit of your lucky clients.  For these reasons, we offer you twin “pots of educational gold” on this St. Patrick’s Day.    

Enhance and Advance Your Bookkeeping Credentials

Busy small business owners in your community are in desperate need of reliable and highly-qualified bookkeeping services to interpret the documentation and assemble it so that they can make smart tax-efficient decisions that focus on the future financial health of the business. Get new skills to enter this in-demand field, or further enhance your existing credentials with important training opportunities from Knowledge Bureau, now available online.
 
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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%