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.Poll: Are You in Favour of the OAS Raise?
This year’s federal budget proposed a 10% increase in Old Age Security for seniors over the age of 75 starting in June 2022. Is this the right move? So far yes, according to Canadian financial professionals weighing in on KBR’s May poll. But there appears to be a common concern: extend the raise to everyone 65 or older. Do you agree? Check out the comments below and weigh in:
Who Should Use a Personal Pension Plan & Why?
One of the most fascinating educational sessions at the May 20 CE Summit was given by JP Laporte BA, MA, JD, RWM, on the benefits of Personal Pension Plans. As the proprietorship tax filing deadline is coming up soon on June 15, it is a conversation advisors might want to have with clients who are thinking about incorporating and planning their wealth accumulation strategies at the same time. Consider 5 fundamental reasons for doing so:
Change the Game: New Enhanced Credentials to Help SMEs Thrive
According to a recent report from Statistics Canada relating to enterprises in the first quarter of 2021, there are many businesses thriving in spite of the pandemic. Consider the financial sector which recorded an increase in net income of 11% before taxes, or $3.9 billion. Tax professionals can provide essential front line services to help small business owners thrive and now two new educational opportunities provide credentials and confidence to do so.
Audit Season Begins: Will Business Owners Be Under Siege?
The June 15 proprietorship filing deadline is coming up fast, and so is tax audit season right behind that. This year, business owners may find their affairs under CRA’s magnifying glass; particularly if they claimed the CEWS and the CERS. An interesting change in the April 19, 2021 budget will make this process even more daunting.
Thumbs Up: May Networking Events a Resounding Success
Looking for new professional development and networking opportunities? Knowledge Bureau was proud to engage students in two outstanding events on May 26 and 27. Here is a synopsis of what you missed to inspire you to mark your calendar as we unveil new complimentary and fun events – stay tuned for details!
Baby Bonus! CCB Young Child Supplement Payments Coming May 28
There’s good news for Canadian families with young children: the first Canada Child Benefit Young Child Supplement (CCBYCS) payments will be issued later this month on May 28. The CCBYCS was initially proposed in the November 2020 Fall Economic Statement to help families cope financially during the pandemic. It received Royal Assent on May 6. Here’s how it works:
