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?

Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits payable were released on April 1 for the second quarter -  but unfortunately, seniors won’t be getting a raise. However, there is some good news about Canada’s public pension system, especially for low-income seniors who have employment or self-employment earnings, and for tens of thousands of seniors who haven’t been getting their CPP benefits.

Although taxpayers have been provided with tax rebates to offset the new carbon pricing system that rolled out in four Canadian provinces on April 1, small to medium-sized businesses are facing new costs, and remain in the dark about how the government intends to help them.

Is it as difficult for you to envision life after retirement as it is to save for it? According to Knowledge Bureau’s March poll results, the vast majority thinks so: 68% of respondents said yes. But this thought-provoking question helped to define what a retiree’s role really is in a future society that has more old people than young and what this means to the way retirement planning is approached.

Recently, an article in the Globe and Mail regarding The Australian Royal Commission into misconduct in the banking, superannuation and financial services industry caught my interest. It provided perspective on the Royal Commission’s findings and recommendations, as well as comments from Ian Russell, President and Chief Executive Officer of the Investment Industry Association of Canada (IIAC). On closer look at the final report, there was something new to consider in combatting misconduct.

If your clients are looking for paper copies of this year’s tax forms at the post office, they may be out of luck. Despite many locations posting advanced notice that they would be providing a limited number of paper forms this year, it is particularly concerning that some locations ran out early in the tax season. Some argue that the most vulnerable Canadians may be the most affected by these shortages.

If you’ve ever been to the Knowledge Bureau headquarters, you’ve probably met Zay Aquino. Zay is not only an honours graduate of Knowledge Bureau’s DFA – Tax Services Specialist™ designation, but also our very own Accounting Manager. Zay’s educational journey is an interesting story.