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.

personal resources, such as their vehicle, home office, supplies, or professional memberships. What many do not realize is that if these expenses include GST or HST, and their employer is a GST/HST registrant, they may be entitled to recover part of the tax through the GST/HST Rebate for Employees. This rebate is claimed using Form GST370 and reported on line 45700 of the T1 tax return.  Here’s a primer for you to cover with your clients:

The last of the provincial budgets have been brought down over the last month.  Here’s a summary of the good news (tax changes) and the bad (big deficits). 

The question of whether the Old Age Security (OAS) clawback should begin at a lower income than the current $93,454 threshold generated strong and varied reactions from the Knowledge Bureau community with 19% saying “yes” and the vast majority - 81% -  saying no. Many respondents were firmly opposed to lowering the threshold, with some expressing strong frustration at the idea of penalizing those who have saved for retirement:

Estate planning at death remains one of the most complex—and highest risk—areas for clients and an areas of increasing demand for service from tax and financial advisors.  With evolving trust rules, increased reporting requirements, and the need to coordinate corporate and personal tax strategies, the margin for error is small, and the stakes are high. At the May 27 CE Savvy Summit, Leanne Rodrigo will lead a detailed session on “Estate Planning on Death of a Taxpayer,” focusing on the practical realities advisors face when working with business owners and their families.  Here’s what you’ll learn and why you should register by May 13 (to save money as an early bird!). 

As technology, regulation, and client expectations rapidly evolve, the role of the distinguished advisor is changing too. AI agents, CRA digitization, and increasingly complex client needs are reshaping the future of tax, accounting, and wealth advisory services. Join fellow professionals and leaders for an interactive discussion on how to evolve your practice beyond transactional work into deeper, year-round inter-advisory relationships that deliver greater value to clients and stronger opportunities for growth.

Do you agree that public trustees, guardians and departments supporting Indigenous Services should be able to certify impairments for the Disability Tax Credit?