Helping First Nations, Inuit and Metis with Tax Filing

The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.

Once you’ve done your year-end planning for 2019, it’s important to know what your tax situation for 2020 will look like. Indexation of tax brackets and personal amounts are based on the Consumer Price Index for September, while prescribed interest rates are based on the average rate for three-month Treasury Bills for October. Although the CRA won’t announce the exact figures until later in November, here’s what to expect the new tax numbers to look like based on a federal indexing factor of 1.9%

It’s an issue that is still controversial. In 2017, legislation was passed introducing new tax on split income (TOSI) rules in effect for 2018.* It’s legislation that many tax and financial advisors who participated in our October poll would like to see rolled back to old rules. Others have specific changes they believe would be more effective and beneficial to small businesses in Canada.

Sales and promotional expenses can be claimed by employees who are required to travel for work and paid on commission, employed in the selling of property or negotiating contracts, or if they are required to pay their own expenses. But when it comes to tax deductibility there’s a big catch. 

Spectra Financial is currently looking to fill the position of licensed financial representative. Read on for more details on this opportunity.

Canada’s longest running conference for top advisors in the tax, accounting and financial services is getting an exciting new mandate. Knowledge Bureau’s highly successful DAC (Distinguished Advisor Conference) will morph into a modern new program called DAC Acuity 2020, and will be held in Niagara Falls from October 28 to 30, 2020. 

Knowledge Bureau is pleased to announce that Steven Furtado, Mandeville Private Client Inc./Zagari, Simpson & Associates, has been selected as the 2019 winner of the Distinguished New Advisor Award. The award will be presented at the Opening Ceremonies of the Distinguished Advisor Conference (DAC) in Puerto Vallarta, November 10-13.