Trade Wars: Why Income Tax Filings Matter More Now

It’s hard not to get caught up in the trade wars saga, and of course it has serious economic repercussions. In times like these, our tax system can help. The federal government has indicated three pillars of support will be enacted, details of which are to come shortly:

Knowledge Bureau Report asked pros across the country whether the First Home Savings Account (FHSA) or the Registered Retirement Savings Plan (RRSP) is the better savings vehicle for home buyers.  The vote was close. 

Annual dinner and announcement of 2022 Designates and Graduates with Dr. Dean Smith on Sunday Oct 16 at DAC Acuity 2022, plus a session on Monday led by Dr. Smith covering tax planning and compliance with a focus on ex-pats.

Check out your official transcripts in the Graduate Lounge.  Why?  Find out if you qualify for new Specialized Credentials, re-certification options and most important - Early Bird Tuition Reductions for the fall term October to December 15. 

For taxpayers who filed a 2021 tax return in Alberta, Saskatchewan, Manitoba or Ontario a second Climate Action Incentive Payment (CAIP) will be in your bank account on October 14.  Those who did not file a tax return yet, should get on it, as the CRA is not paying interest if you are claiming these rebates late. 

Old Age Security (and the Guaranteed Income Supplement) are updated quarterly according to changes in the Consumer Price index. With inflation running at close to 7%, OAS, which was indexed by 2.8% in July, is expected to increase another 2.8% in October. 

In 2019, the Alberta government paused the indexation of personal amounts and tax brackets. The effect of no indexation is an annual increase in taxes because wages tend to increase with inflation causing higher taxes to be levied on individuals.  Here’s a look at the new brackets and rates: