Tax Avoidance, Financial Stress & Well Being

Earlier this month, Statistics Canada published a report titled Stretching the Loonie: a time series analysis of financial difficulty and quality of life. The report is based on a nation-wide survey and the results are concerning. They reveal a serious trend and it is possible this is contributing to the late filing trend we are seeing this tax season.

Precise tax knowledge counts:  accurate tax preparation is the goal of every professional tax specialist and it is a tremendous value add for financial advisors and their staff who will field hundreds of calls from their clients this tax season.

If you are in the tax preparation business or work in bookkeeping but want to get a certificate or designation under your belt, now is a good time to dive in and take an online course from Knowledge Bureau.

“While taking my MFA–Succession & Estate Planning Specialist program, I created our Business Navigator Process… these courses were practical and applicable to my current wealth management practice with transitioning business owners.” David Allard, MBA, CFA, CFP, MFA, B. C.

“A wise man once said nothing. . .”  (Anonymous)

It’s official now:  Finance Canada confirmed on December 30 that restricted fixed costs for certain auto expenses claimed by business owners and employed commission sales people, which haven’t changed in some time; won’t be revised for 2017 either.

Most respondents to Knowledge Bureau’s final poll of 2016 answered yes when asked, “Do you think the 2017 federal budget will increase capital gains income inclusion rates to raise tax dollars?” We’ll have to wait for the details of the budget, expected early in the new year, to see what actually happens. Only 41% said no to the question.