SMES: Carbon Tax Rebates on the Way?

July 15 was an important day for carbon-tax weary taxpayers. A Canada Carbon Rebate payment was  made to individuals who have filed their 2023 personal tax returns.  What about the long-awaited $2.5 billion Carbon Tax Rebate For Small Businesses? The delivery date and amounts to be received remain elusive, but one thing is clear: many businesses will have disqualified themselves by missing the July 15 date for filing 2023 T2 returns.  Here’s what you need to know. 

Did you miss the January 17 Virtual CE Summit? There are still ways to get your hands on the knowledge from the Advanced 2024 T1 Tax Update for 2023 Returns and learn your way, at your own pace from the convenience of your home or office.

Talk about long!  Did you know that Form T2203, Provincial and Territorial Taxes for Multiple Jurisdictions is 104 pages long? The new form, just released online, together with the 2023 T1, provides an excellent scope on just how complicated tax filing really is in this country.  It also makes it clear how critical it is for tax and financial professionals to take an annual Advanced T1 Tax Update course to perform with the high level of competency required to offer tax filing and planning services.  Here’s what you need to know:

Childcare expenses are claimed as a deduction on Line 21400 of the tax return and that’s important because these costs reduce family net income, which is the number used to calculate the monthly Canada Child Benefit (CCB).  But guess what?  If you qualified for the new $10 a day childcare, or you spent less on child care in 2023, an unpleasant surprise may be coming your way.

At rising prescribed interest rates, interspousal investment loans have not been as lucrative  for income splitting purposes as in years past.  Nonetheless if you have one, beware that the borrower must pay the lender the interest due on the loan by January 30 or the arrangement will be nullified.  You may wish to refresh on the rules:

Did you know that CRA has fielded over 8 million calls in past tax seasons, often with complaints as to wait times and quality of their answers?  Perhaps that’s the reason their phone number has been removed from the tax return this year, preferring to sending people to the their website instead.  But when 25% of Canada’s 32 million taxfilers must rely on current, accurate and prompt answers to their tax questions in a very short period of time, professionals will have to pick up the slack.  Fortunately, you can cover your bases with The Tax Tip Toolkit, which includes access to  Evergreen Explanatory Notes, your authoritative tax research library. Plus, the Knowledge Bureau Discovery Calculators. Subscribe now!

Tax specialists are in high demand.  Did you know that in Edmonton a tax preparer with 0 to 3 years of experience can make $56,888 - $81,231?   In Vancouver the amount is somewhat higher - $57,720 - $82,420 and in Winnipeg from $54,390 - $77,665.  It’s a great profession and now you can train at home, online, 24/7, to get into the marketplace with Knowledge Bureau’s DMA™-Personal Tax Services Specialist Program, and learn how to use professional tax software, too.  Check out the program guides to the six certificate courses in the program, available online and our student testimonials, too!