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:Tax Trap: Zero Emission Vehicle Breaks Reduced
If you have clients who have purchased or are considering purchasing a zero-emission vehicle (ZEV) there are tax changes they’ll need to know about. They may not get all of the benefits they had assumed they would. Both tax and financial advisors assisting with how to fund the purchase will be interested in new federal tax implications of a bill currently before Parliament (Bill C-30).
After Tax Season: Plan to Help Clients Age with Dignity in Retirement
Did you know that in 2026, about one-fifth (19.5%) of Canadians is age 65 or older? That’s up from 12.6% in 2000, and represents more than 8 million seniors. Retirement planning is important for everyone, but especially for women who tend to live longer and earn less over their lifetime than men. Aging with dignity is a big factor, and for these reasons a close look at lifespans and a new tax provision is critical.
Worry Alert: Solve the Need for Wealth Transition Plans
Do you have clients who are starting to think and perhaps worry about how they can transfer wealth to the next generation tax-efficiently? If this is increasingly a concern, you won’t want to miss Larry Frostiak’s highly engaging session at the Acuity Conference for Distinguished Advisors (DAC), November 22-24 in Victoria, B.C.
No More Sworn Testimony, But Audits Are Still Stress Inducing
“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:
CRA Claims Improvement: But Is That So?
Another tax season is in the books and Canada Revenue Agency (CRA) is patting itself on the back for its work in processing close to 30 million tax returns. Its May 7 news release headline reads: Canadians experience improved service delivery and responsiveness from the CRA this tax season. But who are the real heroes of tax season? Let’s drill down on the facts.
Cryptocurrency Explained: A Simple Guide for Beginners
It’s tax audit season and if you’re trading in crypto currencies, rest assured, CRA is on it. So is Finance Canada. Here’s an update on what’s in the latest legislation from the April 28 Spring Economic Update, that is in first reading now, and the tax reporting issues advisors and their clients need to be up-to-speed on.
