This Month’s Poll

The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?

At a time when many have lost their health, suffered the loss of their loved ones, their livelihoods and/or the exhaustion that threatens their resolve, we give thanks for the spirit of human resilience and kindness that emerges in every crisis.  It is important to remember that no matter how dark the clouds, we only need to get through the challenges of today to bring forward the bright promise of an incredibly vibrant tomorrow.  

Have you ever tried to explain the definition of earned income for RRSP purposes to a new client?  It is a daunting but important task, as clients who embrace the annual savings ritual can and will accumulate significant tax savings and as a by-product, significant financial wealth.   However, the astute tax or financial advisor, in the role of financial educator, can make all the difference in the end results.

Tinkering with tax reforms may not be in the best interests of Canada’s emerging new economy.   Rather, this may just be the right time for a significant holistic review, especially in anticipation of a variety of provisions recently announced in election platforms:  higher income taxes rates for some, a luxury tax and a wealth tax for others, a new minimum tax, or new capital gains taxes. Thoughts on tax change from experienced tax and financial advisors are important.  Here’s why:   

Prescribed interest rates have remained unchanged throughout the pandemic and will remain at 1% for the fourth quarter of 2021.  It’s a good idea to discuss this opportunity with clients well before year-end, while CRA’s prescribed interest rate for interspousal loans is still at this low level. It’s a tax planning ritual not-to-be-missed, especially with high net worth clients.

Take a sneak peek now the educational extravaganza about to unfold October 17 – 19.  Join Evelyn Jacks, President, in conversation with Canada’s leading financial minds – a preview is now available in video. The Globe and Mail touted DAC as one of Canada’s most innovative virtual conferences last year. This year, we think we’ve raised the bar even higher!  Check out this sneak peek through our new speaker videos and DAC-in-a-Box program guide. Enrol by October 8 to receive your DAC-in-the-Box. Final registration deadline is October 15.  Don’t miss it!

Build the tax accounting and financial services practice of the future.  Real Wealth Management™ democratizes the Family Office concept previously only available to ultra-high net worth families.  Now, experienced advisors in Canada can learn to practice holistically with their best tax foot forward – such a critical piece of the capital sustainability puzzle for wealth holders.