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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.

This Week’s Edition of KBR:

April 2024 Poll

Did you agree with the government’s last minute abort of the bare trust filing requirements on March 28, just one business day before the April 2 deadline?
Yes: 51 votes
No: 29 votes

Cast Your Vote

Contribute to Building a Collaborative Network of Real Wealth Managers™.

Connect with a like-minded group of financial leaders through cross-referral and networking opportunities as a member of the Society of Real Wealth Managers™: open to those who have achieved the RWM™ Designation. Current members of the Society of Real Wealth Managers™ commit to an annual membership that qualifies for 15 CE/CPD credits to keep your RWM™ credentials in good standing with Knowledge Bureau. For existing members, join us on Tuesday, January 2 for our annual member’s meeting, check your calendar for details.

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Canada Dental Care Plan Includes Some Seniors, Affects T4 and T4As in 2023

On  December 11, the federal government announced it will introduce the new Canada Dental Care Plan (CDCP) to seniors age 87 and above in December 2023.  Access for others will begin over the 6 months ending in June 2024.  In all cases, eligible claimants must not have access to a private dental care plan, and 2022 tax returns must have been filed to meet income testing.  Tax specialists should contact our oldest seniors immediately to discuss eligibility and in addition, be mindful of changes to T4 and T4A slip reporting as well.  Here are the details:

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Year End Tax Planning: Pay Off Tax Debt Before Dec. 31

Did you know that of the over 31.5 returns processed in 2023 for the 2022 tax year, close to 7.4million of these returns had a balanced owing for a grand total of almost $57 Billion?  That’s an average amount owing per return of $7,729.  Owing CRA money can be very expensive – and the interest rate on overdue accounts is expected to rise in January to 10%.   Here is how they are calculated and what you can do to free up cash flow ahead of this year’s holiday season by managing the spend to the CRA:

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Pre-Budget 2024 Consultations Open

Beginning December 12, 2023 the government is asking for feedback until February 9, 2024 in preparation for the 2024 Federal Budget. This is your opportunity to make a difference and share your ideas and priorities on how the government can build an economy that works for everyone. What is most important to you? What challenges do you see ahead? Join the conversation by taking the questionnaire or submit a more detailed submission.

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Act by Dec 15 -  Grow Your Practice Focused on Collaborative, Financial Leadership

Do you want to be part of a transformative change in the financial services industry in 2024!  Make a difference while you differentiate with new credentials and a collaborative approach to leadership in building your practice and a natural referral network, too, with the Real Wealth Management™ Designation Program. The RWM™ approaches conversations with clients on a deeper level while following a compliant framework that goes beyond KYC and KYP – all to enable greater financial piece of mind. Now until December 15 you can save $200 on tuition!

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