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:

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.

Did you know that Knowledge Bureau is a private, educational institution certified by Employment and Social Development Canada (ESDC) to provide courses that develop or improve skills for those working in the tax, bookkeeping, accounting, and financial services industries? What this also means is that Knowledge Bureau students who have paid 2020 tuition fees in excess of $100 qualify for the tuition fee amount, and the T2202 tax slips to claim this are now available in your Virtual Campus.

“The first responsibility of a leader is to define reality.”  Max DePree, Chairman Emeritus of Herman Miller Inc. I love this quote because it sets out a challenge for leaders.  In an era of mistrust and “fake news” the responsibility of a leader is to demonstrate and define what is real and what is not, so that the organization, community or family can make sound decisions about the future.

Did you or your clients qualify for the $40,000 Canada Emergency Business Account (CEBA) loan?  If so, another $20,000 loan is available and up to half of this is forgivable if repaid by December 31, 2022. But the deadline for applying is this month on March 31, 2021.  Here’s what you need to know.

Most people would rather have teeth removed than face a tax audit. But, just what has to be kept for back-up purposes in a digital relationship with the CRA?   It’s an important question because CRA generally doesn’t want to see any receipts when the return is filed. Yet, certain tax documents are required to be filed in writing and that includes special elections. Do you know what they are?

It’s not unusual for the CRA to distribute information about tax evasion at the start of the tax season; after all it’s a great reminder of the stiff consequences for those who intentionally defraud the government, like a West Vancouver resident recently did.