CRA Shut Down: Communicate Proactively Before Long Weekend
Did you know that Canada Revenue Agency (CRA) will be undergoing a digital migration on the September long weekend, starting Friday August 29 at 8:00 p.m. and ending Tuesday at 6:00 am September 2, with the proviso that this possibly could last til September 3? What could go wrong? Plenty.PBO vs Federal Budget: Bigger Deficit, Slower Growth
The Parliamentary Budget Officer (PBO) released a post-budget economic and fiscal outlook last Thursday, on the same day the April 19, 2021 budget passed its second reading. It was a timely move, as the report focused on the impact of the $142.9 billion in new measures proposed – a number which excludes pandemic related support. It suggests Canada’s long-term economic outlook may be more expensive and less rosy than the budget estimated.
Gone Fishing: Can CRA Do That?
There are two kinds of fishing expeditions. For most of us, tales of the big one that got away tend to brighten moonlit campfire stories. But when it comes to fishing expeditions by the CRA, storm clouds can emerge quite quickly. That’s why it’s important to understand the law and taxpayers’ rights under it. Knowledge Bureau Report welcomes Marco Iampieri B.A., JD, M.B.A. to its editorial team to explain why.
Important Role: OAS in Retirement Income Planning
More than 60% of Canadians don’t have an employer sponsored pension, and as a result, the OAS is becoming increasingly important for those relying on reliable income in retirement. Advisors agree: 72% of more than 400 tax and financial professionals who answered the KBR April poll said “yes” to the question “Are you in favour of the OAS raise of 10% in 2022 for those age 75 or older?” However, many also left very insightful comments about the important role of public pensions in financial health in retirement.
Re-Discovery: Find Out How to Move Your Clients from Fragility to Stability
Four doctors, eight senior executives, 2 best-selling authors and several top wealth advisors: The thought leadership is outstanding at Virtual DAC 2021, October 17-19. Program Director Evelyn Jacks is highly enthused: “It’s never a small feat, but this year we are thrilled to offer the richest program ever to help advisors help their clients rediscover their financial stride.” Check out the details and register at early bird rates by June 30.
KB Grads in the News: Sharron Morier, DFA-Tax Services Specialist™
Sharron Morier completed the DFA-Tax Services Specialist™ Designation Program and shares how “Education is paramount in our industry to ensure we serve our clients well. I want all our staff to have the confidence in their abilities that I have due to my KB educational experiences.” Here’s her story:
Pandemic Benefit Extensions May Come Soon
The Budget Implementation Act 2021, No. 1 passed first reading on April 30 and is progressing through the second reading phase. A number of provisions proposed in the April 19, 2021 federal budget have dates set to come into play soon – including extensions to some of the COVID-19 benefit programs and other relief Canadians affected by the pandemic are hoping for immediately. Here is a synopsis to review with your clients:
