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?

Unincorporated business owners, including gig workers, have until Tuesday June 15 to file their T1 returns without penalty. The government has made it clear that late filing penalties will be applied this year; that happens when you have a balance due as of the filing due date. However, will there be flexibility on interest charges? Yes, but not in every case and business owners must pay attention to this. 

Nearly 56% of Canadians have yet to file their tax returns, according to CRA’s April 12 processing statistics,  so there is a lot of work left to do for the tax filing community.  We’re also seeing some new trends:  with over 13 million returns processed, average refund are down and so are average balances owing.

Be sure to ask your self-employed clients for the details behind all the new tax provisions they may need to address on their 2020 tax returns. Here are seven issues you will want to discuss:

It’s official: Canada’s most innovative virtual conference for leading tax, accounting and financial professionals is coming back in an enhanced interactive online format for a second year, for an even more outstanding professional education experience! We are proud to unveil Virtual DAC Acuity 2021, our speakers and sponsors, and an incredible enrolment opportunity until April 15 – you save $1000!

Have you graduated from a Knowledge Bureau Course, CE Summit, DAC or Program?  If so, we have some exciting news. Starting April 15, you will receive VIP tuition fee reductions with every course, program, CE Summit or DAC with your special VIP status as a Knowledge Bureau Grad. The more credentials you have, the more you’ll save!

Is post-retirement planning on the minds of your high net worth clients today? Chances are yes, and now more than ever with a pending federal budget that may introduce a guaranteed income for some, and wealth taxes for others.  There are three key reasons to initiate planning conversations early, and Knowledge Bureau’s May 20 CE Summit will provide answers, guidance and materials to help you.