Finance Canada Drops Draft Legislation August 15

All professional tax practitioners, financial advisors should take note of an important mid-summer release of draft legislation to implement some of the proposals from the November 2024 Fall Economic Statement, the April 2024 Budget, the EIFEL rules announced on August 12, 2024, and rules relating to passive income of foreign affiliates announced in the 2022 federal budget.  This draft legislation also introduces more modifications to new trust filing requirements. Brief highlights appear below;  technical details will be discussed in the September 17 and November 5 CE Summits and Knowledge Bureau’s certificate course on T3 Filings. 

Why don’t more taxpayers – and charities – know more about gifting securities in kind?  It’s an expeditious way to support your favorite charities during inflationary times.  Donations for the purposes of 2022 tax credits will be accepted until December 30, but it’s important to leave settlement time for the transfer or securities.

The April 2022 federal budget, introduced a Labour Mobility Deduction for skilled tradespeople and apprentices who need to temporarily relocate for work and it’s important to advise eligible taxpayers about this before year end so they can find receipts to back up the claims retroactively to January 1, 2022. 

Canadians, who leaving the country become emigrants, and have to file a final tax return as of the date of emigration must report income for the period of residency and also, a deemed disposition of their taxable assets. This can generate capital gains or losses, which can generate a balance due or in some cases, additional refunds if losses are applied to prior year gains.  There are some exceptions explained below.

Do you enjoy solving problems, working with numbers and helping others? If so, enrol in a new designation program that will help you kickstart your career, earn more as a highly qualified practitioner and achieve your potential as a confident leader.  Become a Distinguished Master Advisor by taking the new DMA Accounting Services Specialist Designation Program. 

The Dark Horses are coming:  little known tax facts and tips ordinary advisors never tell their clients about.  It makes a big difference in the after-tax result!  December 15 is the beginning of the Early Registration Deadlines for the Advanced T1 Tax Update, featuring three training options in 2023:

Did you know that in Canada, a third of people do not have dental insurance to get the dental care they need?  Starting on December 1, eligible Canadians were allowed to apply for the Canada Dental Benefit. This is the first-ever federal dental-care program, but it comes with fine print and potential auditing if incorrectly applied for.  Here’s what you need to know to tap into the program, which allows for dental expenditures to be claimed back to October 1, 2022.