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?

Are you a regular, raving fan and attendee of the CE Summits? Now is the right time to RSVP and secure your spot at the lowest tuition fees.  Act by March 1 and save over $230 on the next four events.  Coming up next:  the annual Post-Budget Overview and its effect on Retirement & Estate Planning.   Here’s a look at the speaker lineup:

Have you completed the pre-budget consultations questionnaire the Finance Department has posted?  The government wants your feedback, but are the questions posed relevant?  Notably absent are personal and business tax topics, and the opportunity to provide your thoughts on the effect of long-term debt on the future value of Canadians’ retirement savings.  Perhaps most puzzling is the lack of vision for the future of the world of work and specifically, the role of small businesses in the economic recovery. Contributing to the conversation is, however,  important to bring your “feet-on-the-street” perspective.

When alterations are made to a home to allow a taxpayer or a dependant be more mobile or functional within the home, it’s possible to accomplish a rare, and legal double-dip on the 2020 tax return.  Specifically there are two tax provisions to look to for tax savings.

The right tax structure is critical for post-pandemic economic recovery as fragile, debt-laden governments and businesses alike venture out of crisis towards economic stability.  The Fraser Institute, in a new analysis, makes an interesting case for consumption taxes to minimize the potential damage to economic growth from other forms of taxation.

This tax year might well represent the least expensive one for a while.  While there is some economic good news, the long term forecast for tax rates is grim, given current debt levels.  Two authoritative research papers, one from the past and one more recent, tell us why paying attention to tax planning and savings this year will help Canadians manage future tax risk.

Are you frustrated with long wait times for CRA responses or unsure if the answers you have been given are right? Although the CRA has recently hired a third party to give “general” answers about pandemic supports on the T1, professionals need to be precise when filing. Having fast, authoritative access to tax questions helps down the line at tax audit time, too. That’s the role of Evergreen Explanatory Notes, available 24/7, in your professional toolkit.