Canadian Dental Care Plan Renewal Deadline Approaches

Know Your Client!   It’s a daily commitment and requirement, especially in the work that financial advisors do with their clients.   It’s imperative that you ask about any significant changes in their lives. Has there been a significant new event:   a move to take a new job or go to university, a marriage or divorce, a new birth, a disability or a death? And, in the case of income tested benefits such as the Canadian Dental Care Plan, (CDCP) do they qualify?  Did they file their tax return on time to get it?  Do you know the deadlines for doing so?  Do you know when coverage ends if your client now longer qualifies?

CRA is changing how professionals are being authorized to represent their clients this year. Form T1013 Authorizing or Cancelling a Representative is being replaced effective February 10, 2020 in favor of new digital processes. Plus, there are some new forms on the horizon for offline authorizations and some good news that will especially help when families lose a loved one. 

At a time when 48% of Canadians say they are $200 away from insolvency*, an important tax question arises: why are tax refunds so large? The average as of December 31, 2019 was $1740. That’s $145 a month missing from Canadians’ pockets that could help mitigate the cash crunch. Worse, those refunds won’t start flowing until after February 24, the day CRA starts accepting E-filed returns. Fortunately, there is good news: working with a tax specialist can help reduce the wait times and increase refunds, too.

The new Basic Personal Amount proposed on December 9, 2019 is very complicated. The calculations on the TD1 forms and their accompanying worksheet will challenge even those with pride in their financial literacy. What do tax and financial advisors think: is this tax change an improvement to our tax system? You may be surprised at the verdict in last month's poll.

Life insurance and Estate Planning professionals across the country were recently shocked to discover that traditional gifting of life insurance policies to charity is now considered “trafficking” by the British Columbia Financial Services Authority.

The news is big: first, we are delighted to announce the winner of a free registration to The DAC Acuity Conference in Niagara Falls this October 28-30. Next, we have  a Valentine’s Day gift  for you! And last but not least, something to make you smile: check out the DAC photo gallery of the highly successful 2019 DAC in Puerto Vallarta. Guess who had the most fun?

Did you miss the Winter CE Summits? You can purchase the CE Summit January Advanced Tax Update Journals for your team for only $395. Plus, you get the new assignments included for free. Here's why Winter attendees encourage you to get yours: