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?

A special tax at the top marginal rate will be charge to a “specified employee” for contributions to an employee profit sharing plan if the contribution exceeds 20% of the employee’s salary received in the year.

With a new school year around the corner, you may be considering taking in a university student as a renter. If so, you will want to get your documentation ready for a change in your tax filing.

Over the past several years, corporate income tax rates have decreased which has affected reporting by individual investors on their personal returns for dividend income. 

Sarah is 67 and earning all her income in the lowest tax bracket. She has not yet started withdrawing money from her significant RRSP, which holds $800,000. When should she start? How much should she take into income?

When a taxpayer's income falls into a clawback zone, a portion of a social benefit like OAS or EI must be repaid.

Knowledge Bureau is pleased to provide new opportunities for practitioners in the tax and financial services to embellish their skills this fall with new programming and special "early bird' tuition rates for online registrants. Enrol by Sept 15 for best pricing of the year.