Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

Seasonal workers beware: if you collected Employment Insurance (EI) benefits during your off season, there’s a chance you could have to pay back some of the benefits you received. For the 2019 tax year, the base amount for EI repayment is $66,375. That means if net income exceeds this threshold, an EI repayment may be necessary. But, with savvy planning you can avoid this unpleasant surprise.

This year's DAC delegates provide some great feedback – and some of the bold thinking and bright insights they took away from the highly successful conference that took place November 10-13 in Puerto Vallarta, Mexico. These are some of the reasons why you should consider attending the DAC Acuity 2020 event next year in Niagara Falls, October 28- 30.

It’s a big number! The 2019 tax filing season saw nearly 30,000,000 returns filed between February 18, 2019, and September 4, 2019*. Tax season 2020 will again feature some significant tax changes. That’s why now is the time for professional advisors to register in Canada’s most comprehensive advanced T2 tax update training and shake out the cobwebs before filing those millions of returns. But it’s first come, first served so don’t miss the January 10 deadline to save on tuition fees for your Advanced T1 Tax Update at the Winter CE Summits. 

For a limited time, we’re extending a special online learning offer to all of our KBR readers. With the holidays right around the corner, you might just find the time to sharpen your skills in professional tax preparation, bookkeeping or retirement planning with a new certificate. Learn in your slippers in front of the fireplace, or on the beach in a southern retreat – it’s up to you! Now, you can save $200 when you enrol in your next online course, but only until November 22!

In the market for a new car before year-end? Take the time to visit your tax advisor first. He or she can take the time before the holidays to help you consider your after-tax options and evaluate the best approach to acquiring this asset; as debt management is likely part of the equation.

Business owners: the burden of proof in an audit is on you. That’s the message the CRA is sending to businesses since close to $1.2 billion has been identified (but not necessarily collected) through audits of small and medium-sized enterprises (SMEs), which represents a big win for the tax department. So, what can you do to prepare a potential defence before year-end should your business be next?