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?

The 2020 Distinguished Advisor Conference set a high standard for virtual conferences with a unique blend of information, education, inspiration and recreation. We are working  hard to bring DAC back to a live format, October 17-19 in Niagara Falls*, with a great mix of networking activities to celebrate – together! If you register by the February 15 early-bird deadline, you can save $400 on tuition, too! Take a peek at what we’ve got in store for you so far:

Hundreds of advisors from coast to coast were caught off guard at Knowledge Bureau’s January 20 CE Summit with the news that the forgivable portion of the CEBA loan is taxable when the loan is received.

The pandemic has wreaked havoc on personal and business lives and continues to do so. Those in the bookkeeping and tax accounting services will need to digest and properly report various pandemic relief provisions including the new detailed information required on new T4 Slips – requirements for all employers, by the way.

It’s officially both TFSA and RRSP season.  Both plans are a tax-assisted gift to future financial freedom and based on recently released 2018 CRA statistics, Canadians have embraced their TFSA opportunities.  What’s particularly encouraging is that it’s a savings plan both Millennials and GenXers have embraced; an important consideration for tax and financial advisors who want to add value to these relationships.

Esteemed Canadian tax experts delivered cutting edge personal tax filing information with a “wow” factor punctuated by huge audience participation at the Virtual CE Summit this week.  Over 700 questions were received from an audience of over 350 professionals nation-wide – the largest one-day participation yet.  Here’s what they said about the important tax and financial insights shared:

Will separations and divorces increase due to the pandemic?  Unemployment can be a factor that leads to a spike in separations and divorces; as a result, tax and financial advisors need to understand the tax rules if they see this trend in the 2021 tax filing season.