Breaking News - Capital Gains Inclusion Rate Increase Postponed to January 1, 2026
Breaking News - From Finance Canada today - a postponement of capital gains inclusion rate increase from June 25, 2024 to January 1, 2026—the new date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and most types of trusts.Special guest Abe Toews Shares the Virtual Stage at CE Summits
Abe Toews, CFP, CLU, CH.F.C, CHS, Chair of the Board of Directors, Advocis will make a special guest appearance to discuss year end donations strategies as he shares the virtual stage with expert headliners at the November 18 Virtual CE Summit. The theme is focused planning for investors and self-employed taxpayers. Advisors who need to brush up on advanced planning, especially for corporate owner-managers, should mark their calendars and register no later than Monday, November 16.
Deadline Extended: Charity Returns
The deadline for filing Registered Charity Information returns was extended to December 31, 2020 for returns due between March 18, 2020 and December 31, 2020. However, the CRA’s Charities Directorate is also encouraging charities to file as soon as possible to avoid expected processing delays as a result of the high volume of returns that will be submitted around the deadline.
Medical Expenses: Will PPE Costs be Deductible?
Yesterday, Canada’s Chief Public Health Officer Theresa Tam announced that Canadians should be wearing triple-ply non-medical masks when in shared indoor spaces with people from outside of their immediate household, and when in close contact with others in public. It begs the question, will Personal Protective Equipment (PPE) and other health related costs be deductible? The answer is, it depends.
CPP Premiums Rise in 2021, Competing for TFSA Savings Capacity
The Canada Pension Plan (CPP) maximum contributory earnings for 2021 and the new premium rate have both risen, adding another financial burden to both workers and employers as the new year approaches. With required premiums of $6,332.90, eclipsing maximum TFSA contribution room of $6,000, there may be little left to save for a tax-free retirement. Further, there are several other reasons why this rising CPP obligation may bring the wrong after-tax results over the long run.
CRB Recipients: RRSP Contributions a Secret Weapon Against Clawbacks
Making an RRSP contributions by March 1, 2021 is a smart move by eligible recipients of Canada Recovery Benefits (CRB) if total net income will exceed $38,000. The reason? A very expensive clawback of the CRB.
DAC 2020: An Educational & Social Experience Second to None
DAC Acuity 2020 set a high standard for virtual conferences - a perfect blend of information, education, inspiration and recreation; this according to delegate Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. who joined advisors from coast to coast, virtually, to take in the bold thinking and bright insights of incredible speakers over three days of learning and unique online networking opportunities.
