Mark Your Calendar: Critical Deadlines for May and June
Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:DAC 2022: The Speed of Tax Change
Join Kim G.C. Moody, FCPA, FCA, TEP will be taking the live stage at DAC Acuity 2022 to discuss The Speed of Tax Change and what it means for financial professionals and their clients. In his entertaining style, Kim will discuss the very complex and pervasive changes that continue be proposed at mach speed. How do you keep up-to-date to ensure your practice responds appropriately for the benefit of clients? This session will give straight-forward suggestions to help you navigate this important topic.
Leaving the Workforce? Tax Changes & Effective Planning Strategies
After decades saving for retirement, transitioning to spending down savings can be a huge shift in mentality for retirees. Additionally, one of the biggest surprises that new retirees often face is how their taxes change upon leaving the workforce. For the average worker who has spent his or her adult life paying ordinary income tax via payroll withholdings, the shift to flat withholding rates combined with differing rules depending on the source of their income can leave many clients with an unexpected tax bill after they retire.
July 2022: A Raise for Older OAS Recipients
Were you born before July 1, 1947? It’s an important question to ask all your senior clients because they are in for a raise in their OAS benefits this year. The government announced an increase to Old Age Security by 10% for seniors over age 74, starting with the July 2022 benefit year. Eligibility is based on several criteria including individual net income on the 2021 tax return. Here are some additional details about the program, excerpted from Knowledge Bureau’s Advanced Retirement and Estate Planning Course, now available.
In a Digital World, Average Tax Refunds on the Rise
The latest tax season filing statistics from CRA show that tax refunds have risen even higher now that more Canadians have filed. Out of the 27.1 million filed, 15,345, 235 refunds were issued, averaging $1,994. That’s a lot of taxpayer money being held onto by the CRA, and an important opportunity for tax professionals to focus on tax-efficiency to reduce these withholdings now! Further, only 7% of returns are now being filed on paper. Here are more interesting tax facts:
Save Receipts Now: New Mobility Tax Credit
The 2022 Federal Budget announced that, beginning in 2022, eligible workers will be able to deduct up to $4,000 per year for eligible expenses. This provision is part of the April 7, 2022 Federal Budget Bill C-19, tabled on April 28. Are you speaking to your clients about saving their receipts now? Here are details you need to share:
DAC Acuity 2022: Join Us in Visiting Niagara’s Hidden Gems!
Finally – it’s live and in person – Canada’s Top Edutainment Event! Virtual DAC has been fun, but we’re so excited to be seeing you again October 16-18 in Niagara Falls for this year’s DAC Acuity Conference! Past attendees know that DAC is an edutainment experience like no other, so we’re kicking it off early. Join us for the weekend for wine tasting tours, golf and world class dining amongst other great events before the conference starts. Sign up now for best registration, flight and hotel rates and then experience one of the Seven Wonders of the World - all of Niagara’s hidden gems together with new networking opportunities with your peers. Here’s how:
