New Tax Changes for Caregivers: Alberta Budget
Alberta Finance Minister Nater Horner delivered his second consecutive deficit budget on February 26. The deficit is large at $9.4 billion, which the government attributes largely to declining oil revenues. The document is called Fiscal Plan 2026-2029 meaning that this is a three-year fiscal pan, rather than the typical one-year projection.March 2022 Poll: Thumbs Up for RRSPs
Knowledge Bureau Report asked its national audience “Do you believe the RRSP is still a good investment for pre-retirees who work after age 60?” last month and the results were surprising, given all the rhetoric around the use of RRSPs. A full majority – 74% said yes, but with lots of qualifications. Here’s why:
The Pier Report
At year-end, the T4 summary is completed and sent to the CRA. The T4 forms are generated and sent to the employees before the end of February in the year following the payroll year. If the employer is late in completing the T slip summary and remitting to the CRA, depending upon the number of slips to be completed, an employer could see a penalty of anywhere from $10 to $7,500.
Special Report on the April 7, 2022 Federal Budget
The Federal Budget of April 7, 2022 represents a much brighter economic outlook for Canada and contains a sprinkling of tax provisions that most importantly did not raise any tax rates or impose new capital gains taxes. However, there is a warning that this could be on the horizon as early as this fall.
Breaking News: Federal Budget April 7
The Finance Department has announced that the Federal Budget will be on April 7, 2022. Your Knowledge Bureau Special Budget Report team will provide full details. Then join us comprehensive analysis and CE Credits with Evelyn Jacks and the Knowledge Bureau Faculty at the May 18 Virtual CE Summit for the effect of budget and economic change on Retirement and Estate Planning.
Recycling Tax Dollars: Increased Climate Action Incentive Payments
On March 23, 2022, the Federal Government announced the increased payments for the Climate Action Incentive (CAI) for the 2022-23 period and some Canadian households will soon receive over $1,000. But not through their tax filings, a change from last year. It’s a recycling of federal carbon tax surtaxes. Here’s what you need to know:
A Brief on Basic Personal Amounts
How much money can Canadians earn before they have to pay federal taxes? The answer lies in the structure of the basic personal amount (“BPA”) - an annual earnings amount that is anything but easy to understand; especially since all the provinces and territories have their own BPAs to add to the confusion. Here’s how to help taxpayer – especially newcomers to Canada – wrap their heads around this:
