Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

Every year there is a milestone date when Canadians can shift their focus from paying taxes due to using their income to secure their financial future. Several countries track “Tax Freedom Day” annually, and Canada’s is coming up in June. It falls weeks behind other countries, which can have negative repercussions to wealth management and retirement planning.

The Canadian Longitudinal Study on Aging (CLSA) has just released its first report on a broad range of physical, mental and social aspects of aging in Canada. Why should tax and financial advisors care about these trends at this time? The key findings may surprise you, as the vast majority of seniors say they are managing very well.

Despite good trends in overall wealth accumulation in Canada, recent reports show that many Canadians struggle financially with increasing personal debt levels, and rising mortgage interest rates. The  2018 Budget also voiced concerns about income equality and diversity, but it’s clear education is a key part of the solution.

According to the 2016 Survey of Financial Security, released in December of 2017, median net worth increased in Canada by 14.7 percent since 2012. The big ticket to success? Turns out, it’s real estate, pensions and according to other studies, entrepreneurship.

When an employee moves from one employer with a pension plan to a new employer with their own pension plan, pension adjustments can get confusing.

At November’s Distinguished Advisor Conference (DAC), Knowledge Bureau will be honouring tomorrow’s future leaders as the recipients of the Young Advisor Award. Applications are being accepted until June 30, 2018!