Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

Evelyn Jacks, Founder & President of the Knowledge Bureau, has been named as one of Canada's Top 25 Women of Influence. "We are excited to award Evelyn's successful achievements and contribution to Canadian and global economies and highlight her as a Woman of Influence,î says Carolyn Lawrence, President and CEO of Women of Influence. Evelyn Jacks is responsible for Canada's leading financial publisher and educator in the tax and financial services, the Knowledge Bureau. She is a member of the Federal Task Force on Financial Literacy, and has received numerous business leadership awards including the Canadian Woman Entrepreneur of the Year Award. She is a best-selling author of 48 personal tax and wealth management books. A respected financial commentator, Evelyn makes regular media appearances including  national programs like CBC Newsworld and BNN, writes for the Toronto Star and the Toronto Stock Exchange. The Top 25 ranking is organized into five categories. Women from the realms of Business, Health Services, Professional Services, Public Sector and Non-Governmental Organizations were nominated to represent a variety of talent and success in fields that don't often gain mainstream recognition. Each member of the Top 25 was chosen based on quantitative and measurable criteria such as industry recognition, awards, board positions, deals and title; overall measuring each candidate's influence in Canada and beyond. The Top 25 were ranked from a pool of hundreds of accomplished Canadian women and represent a diverse list of women who are leading the pack. Lawrence believes that all of the women chosen represent the core values of Women of Influence. They are authentic leaders, extraordinary achievers and exceptional role models for other aspiring Canadian women. Evelyn, among the other Top 25 women, will be profiled in the winter issue of Women of Influence magazine and have an opportunity to be featured on the cover. The cover selection process will involve an online voting period which encourages participation from readers to select the woman they want to see on the cover. The online campaign will launch Monday September 19th and allow users to vote until Friday, September 30th at which point the cover will be selected. Women of Influence Inc. produces inspiring, progressive, and celebratory events across the country. Their programs serve to fill the gap for women looking for mentors, looking to connect with likeminded individuals on their path to success. Women of Influence magazine reaches over 100 000 readers each quarter and offers inspiring career advice, high quality fashion editorial content and profiles the achievements of Canadian women in business. For more information visit http://www.womenofinfluence.ca/ To book an interview with one of the Top 25, or for more information on the program, contact: Alicia DeBoer, Media Assistant O: (416) 923-1688 E: media@womenofinfluenceinc.ca    

From a blog by Evelyn Jacks (www.evelynjacks.com)   The Global Competitiveness Report was released by the World Economic Forum last week, having reviewed the economic performance of 142 countries in the context of several difficult years. It recommends that countries around the world establish fundamentals for spurring "qualityî economic growth, in order to sustain competitiveness in economic, social and environmental terms. The report confirms that an injured world is indeed recovering from economic crisisóalbeit tentatively and with unequal distribution. That is, while the developing world is seeing strong growth, advanced economies are experiencing what it calls "sluggish recoveriesî, and "serious financial vulnerabilities with no clear horizon in sight for improvementî. Canada recently dropped off the "Top 10 Listî of global economic competitors to position #12. On the good news side, we benefit from highly efficient markets, particularly as it relates to labor, and well-functioning institutions and excellent infrastructure. We rank #6 for health and primary education and #12 for higher education and training. But our competitiveness would be enhanced with greater R & D spending so that we could achieve greater innovation and produce more goods ranked higher on the value chain. So what stops us from being innovative? Innovation and R & D requires significant investment by businesses, challenged to make profits in a volatile economic climate. They may need more help from lenders, and it is possible Canadian banks are in a good position to do so. In leafing through chart after chart of current data, it is good to see the soundness of Canadian banks is ranked #1 in the world. Yet, Canada ranks #19 in terms of venture capital availability, and #22 for ease of access to loans. And despite the fact that we consider ourselves to be quite tech-savvy, we rank #13 in the world in terms of individuals using the internet, behind Iceland (#1) and Korea (#10). Given the current global malaise, it appears we won't be able to export our way out of financial vulnerability anytime soon. Growth will need to come from our domestic market, which size ranks only #14 in the world. It's Your Money. Your Life. There is much work to do. Together, business and lenders have greater bench strength to spur on our domestic economy, so that incomes and taxes can maintain the lifestyles we cherish. Is more investment in our own business back yard required to enable us to innovate our way back into the top of the global competitiveness rankings? Your thoughts are most welcome. Evelyn Jacks, is President of The Knowledge Bureau, blogs at http://www.evelynjacks.com/.  For more information call toll free 1-866-953-4769 or visit http://www.knowledgebureau.com/.

The Canada Revenue Agency (CRA) announced the prescribed annual interest rates for the 4th quarter, which remain unchanged from all the previous quarters in 2011. Note that at a 1% prescribed rate, investors who wish to transfer capital to their spouses using a bona fide inter-spousal loan should consider making those plans now, to lock in those low rates for the life of the loan, particularly if they fear interest rates will rise in the future. The rates have held steady since the second quarter of 2009: 2009 2010 2011 Quarter 1 2 3 4 1 2 3 4 1 2 3 4 Overdue Taxes 6% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% CPP/EI  Premiums 3% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% Tax Overpayments 4% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% Tax Overpayments (Corporate) - - - - - - 1% 1% 1% 1% 1% 1% Taxable Benefits, Low or No Interest Loans 1% 1% 1% 1% 1% 1% 1% 1% 1%   1%   1% 1%   Additional Educational Resources:

Evelyn Jacks, Your Money, Your Life   To read the latest blog entry by Evelyn Jacks: To Recover Financially, Protect Financial Stability <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com🏢office" />   

Back to School Road Rage? With workers returning from summer holidays and students heading back to school, you may notice heavier traffic on the road this September. You'd think nerves would be more frayed, and yet, true to Canadian style, we continue to be happy campers about the commute, according to Stats Canada, which recently reported (say when) that in 2010 Canadian commuters were generally satisfied with their average commute time of 26 minutes. The study also found that there was a correlation between commuting time and stress. 36% of workers who traveled more than 45 minutes to work found that most days were quite or extremely stressful. Only 23% of workers who traveled less than 15 minutes to work found that most days were stressful. Therefore it's not surprising that 23% of public transit users were dissatisfied with their commute, compared with 18% of car commuters. Public transit users take longer on average to get to work, which an average 44 minute commute time. This study included all modes of transportation. 12% of commuters took public transit, while 6% walked or bicycled. Overall, only 15% of study participants were dissatisfied with the length of their commute time. Most of those dissatisfied with their commute live in one of the larger census metropolitan areas (CMAs) which have a population of more than 1 million. Not surprisingly, commuters in the CMAs of Toronto had the longest average commute time of 33 minutes, while those in Vancouver averaged 30 minutes, and 31 minutes in Montreal. Half of commuters in Toronto and Montreal traveled over 30 minutes to get to work, with one quarter traveling 45 minutes or more. The data for this study was gathered from the 2010 General Social Survey on time use, and is based on an article in Canadian Social Trends.   Additional Educational Resources:  

With the recent devastation of Hurrican Irene, many Canadians have been left to pick up the pieces. It is also difficult to forget the wildfires, tornados, and flooding that have impacted thousands the past summer.Canadians who have suffered hardship should be aware that under the taxpayer relief provisions CRA can extend leniency, as it recently reminded taxpayers in a news release. Specifically, when taxpayers are unable to file a return or make a payment on time due to circumstances beyond their control, such as a natural disaster, interest and/or penalties can be waived or cancelled. The court system can also help with fairness issues around the issue of filing deadlines. For example, following a 2010 case (Lacroix v The Queen, 2010 TCC 160), it was stated, to the corporate taxpayer's financial relief, that "unclaimed tax credits can be applied beyond the limitation period to reduce the net tax assessedî. For those who have already filed their returns in a timely manner, but did not take advantage of provisions available, claims may still be submitted. Additional Educational Resources: EverGreen, Make Sure It's Deductible - Fourth Edition