Foreign Currencies Gains and Losses

As we all know, it’s been a roller coaster week in tariff news. The Canadian dollar started to sink, although not to its lowest historical level-yet. The 30 day pause in implementation of the U.S. tariffs has provided a wake up call: What effect will such a Black Swan event have on portfolios and, by extension, retirement plans?

In 2014, the New York Times* reported that the Canadian middle-class was considered the most affluent middle-class in the world, snatching the distinction away from the United States. Now, in 2019, do we still hold that distinction?

The average life expectancy in Canada now sits at 82.1 – a number that’s been steadily on the rise over the years, according to Statistics Canada*. This adds complexity and demand to the financial planning process when both current and upcoming retirees feel that they’re not financially prepared for retirement. In fact, they’re at risk of outliving their savings. What are the strategies financial advisors can use to help?

Payroll departments should be aware of a revised payroll deduction guide that was released on November 26, 2019, featuring the specific calculations that will be used in calculating statutory deductions for 2020 pay periods. The highlights are covered in this report and in the updated Advanced Payroll for Small Business course, which will be available to students on January 8, 2020.  

CRA will shut down EFILE Services for T1 transmissions on January 17, 2020 to convert their systems for the next filing season. Enrol to attend Canada’s most comprehensive 2019 T1 Tax Update, the Knowledge Bureau’s CE Summit 6-city tour, that starts January 16 so you can use this time to get everyone on your team well trained.  It’s a must-do for professional tax, bookkeeping and financial advisors. 

As long as there are businesses, there will be a need for bookkeepers. According to the Department of Employment and Social Development Canada (ESDC)*, the outlook for employment opportunities for Bookkeepers over the next three years looks promising for those looking to join the industry or continue in it, especially in the Maritimes, Quebec and Manitoba.  Here are the top 10 reasons to consider a career in Bookkeeping:

We recently had the opportunity to speak to Melanie Adams about her experience taking Advising Family Business as part of her second designation with Knowledge Bureau. She previously earned her DFA – Tax Services Specialist™ designation and is now working toward her MFA™ - Business Services Specialist designation. Here’s what Melanie had to say: