Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

Virtual DAC Acuity 2021, October 17-19 will feature the thought leadership of 8 senior executives, 2 best-selling authors, leading scholars and top wealth advisors. It’s a star-studded online conference experience that tax and financial professionals won’t want to miss. Share the knowledge: enrol yourself and bring your team along at a reduced tuition fee, until September 30.

Women in Canada earn around 89 cents for every dollar men earn. That wage gap is set to close, at least in federally regulated sectors, as the Pay Equity Act comes into effect on August 31. It requires employers in federally regulated sectors with ten or more employees to identify and correct pay disparities within their workplaces within three years. That is just one more reason financial advisors will want to engage with female clients about the impact these changes and other good news will have on their wealth management.

In one of our most popular polls to date, the “no” side is winning the opinion poll; but it is in their comments that some astute insights are emerging.  What’s your take on this question: “In the last election, some parties suggested an increase to the capital gains inclusion rate to 75% or more as the best way to raise new money to pay down the government debt. Do you agree?”. Here is just some of the feedback shared so far:

Limited recourse capital notes (“LCRN”) are yielding some impressive coupon payments.  LCRNs are a new and complicated hybrid security.  This article will provide preliminary Canadian federal income taxation information as it discusses the tax treatment for third-party investors by investing in LCRNs. 

Don’t miss the Society of Real Wealth Managers next Meeting of the Minds on August 11 at 10:30 am Central Time.  It's a free event to Introduce you to RWMs from coast-to-coast for three reasons: to connect. contribute. collaborate...and share RWM "aha moments"! Here's what you need to know:

Submit the name of your worthy nomination for the DAC New Advisor Award now. The application deadline September 1, 2021. The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services. Here’s what the winner of this prestigious award will receive and how to apply: