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.

It’s always nice to share good news on the first week of spring: an important new benefit for veterans takes effect on April 1, 2018.  First announced in the 2017 federal budget, the new Veterans’ Education and Training Benefit is part of the $133.9 million earmarked over six years to help veterans achieve post-military employment and position them to be more competitive in the workforce. But is it taxable?

If you are a post-secondary student, or a supporting parent or spouse of one, and are looking for the monthly education amount on the 2017 federal tax return, you may be a bit confused; it’s gone, but not out completely.

Although these won’t be announced officially for a couple of weeks yet, the prescribed interest rates and Old Age Security payment amounts are expected to change as of April 1. Here’s what we are anticipating, and why that’s so important for investment and debt management planning now:

The 2018 federal budget placed significant importance on encouraging diversity in the Canadian workforce – including funding to support women, visible and religious minorities and immigrants, and this deserves kudos, as new opportunities abound. Here are some of the details:

Leading with integrity is essential for business success, but just how do up-and-coming leaders do so with integrity and accountability on a day-to-day basis in a very busy world? Please join our Executive Business Builders Network to chime in on the issues our Joanne Sigurdson, author of Knowledge Bureau’s Business Leadership, Culture, and Continuity Course, is challenging our LinkedIn discussion group with:

It’s time to talk about the 2018 tax changes and how they affect planning before the end of 2018. Knowledge Bureau’s Evelyn Jacks will be a keynote speaker at IFB’s 2018 Winnipeg Regional Event on May 16, 2018 and on the CE Summit tour May 29 to June 16, 2018.