A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
Last week, we discussed the pros and cons of continuing to contribute to the CPP when compared to a TFSA instead. This week, we discuss planning opportunities for taxpayers under and over age 65.
Since 2009, the government has worked to create a new Employee Life and Health Trust to replace Health and Welfare Trusts. Last month, new rules were proposed to allow for the transition of Health and Welfare Trusts and permit for the rollover of assets, so that one set of rules can be applied to both. In addition, new “designated employee benefits” and relaxed restrictions for “Key Employees” were introduced. An overview follows:
The results of our November poll were sobering; after a neck-in-neck race with opinions divided, 50.29% of professionals in the tax and financial services answered “no” when we asked if they thought their business clients would be able to make ends meet before year-end.
When we say everything is included in the Virtual Advanced T1 Tax Update on January 20, we mean it! As a special bonus, when you enrol by December 31, we’re including the snacks to keep you on your game as you learn from 4 of Canada’s most esteemed tax instructors. RSVP now and you’ll also avoid paying “walk up” rates that apply after January 15.
Did you calculate whether a December 15 instalment remittance was required to top up tax pre-payments for the 2020 tax year? At this busy pre-Christmas time, it is easy to miss. For these reasons, it is so important to plan to reduce taxes payable. One way to do that is by making charitable donations before year-end. Here is what you have to know about avoiding expensive CRA interest: