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. 

Training costs will not be deductible if they are considered to be “capital” in nature—that is, if they result in a lasting benefit to the taxpayer.

The Disability Tax Credit is lucrative—be sure to take the time to review the Disability Tax Credit Certificate (Form T2201) with your doctor.

Know the pros and cons of all possible solutions for wealth and succession and estate planning in order to discuss options with your clients. Enrol in Use of Trusts in Tax and Estate Planning by October 30 and save $200 on tuition fees.

Take advantage of our bootcamps' new three-part blended learning activities and earn up to 30 CE/CPD credits towards your MFA or DFA-Specialist designation. Spots are still available for November's Corporate Tax Bootcamp – final registration deadline is October 30.

Today, more than ever, both first and lasting impressions count. Learn to make your ABCs—Appearance, Behaviour, Communication—align with your Personal Brand. This new release from Catherine Bell will be available at the end of October. Pre-order your copy today!

Take a peek into the future at what your retirement will look like—financially speaking—after tax, for both you and your spouse. Check out the Tax-Efficient Retirement Income Calculator with a free trial.