New: Personal Support Workers Tax Credit Coming Soon

Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories.  Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement.  Here are the details:

Statistics show that 70.2% of all revenues earned by professionals in the accounting, tax filing, bookkeeping and payroll services results from working with the business sector.  This means if you have built a tax filing business serving individuals and households only, you’re missing out on a big share of the market. Small business needs more help on the road to pandemic recovery, so now is a great time to hone your skills, and earn new credentials to provide this essential service.

Knowledge Bureau is now accepting session proposals from sponsors interested in presenting to a national audience of highly engaged top advisors at the October 17 – 19, DAC 2021 in Niagara Falls. This is your best opportunity to get in front of a national network of thought leaders from the tax, financial services and bookkeeping industries who are highly engaged in growing their practices to meet the challenges of the times.    

"Never confuse a single defeat with a final defeat." - F. Scott Fitzgerald

This week the government released the T4A form for 2020.  This is the first indication of how the various government assistance programs for 2020 will be reported on the tax return.

It’s a controversial subject that’s clearly lead to some divided results on our October poll. We asked: “Are government plans to introduce automatic free tax filing for the 12% of adults who don’t file tax returns to get benefits a good idea?” The results are in with 42% saying “yes” and 58% who shared some insightful thoughts and strong opinions with their “no’s”.

Back on July 17, the government announced that it would provide a one-time tax-free payment of $600 to more Canadians with disabilities.  These individuals will finally see payment of that amount beginning this week.  But there are more opportunities that qualified tax practitioners can help with before year end.