Disability Tax Credit Certified Impairments: Survey Says “No”

The federal government has made its intentions clear that there will be an expansion of those who are eligible to certify an individual for the Disability Tax Credit. Our May poll results are in. 83% of our readers voted against allowing public trustees, guardians and departments supporting Indigenous Services to certify impairments for the Disability Tax Credit.

Be on the forefront of a massive shift in your business: learn how to transform your services to the highly personalized, digital solutions your clients now demand. It's not too late to join advisors from coast to coast in the unique virtual conference and networking experience we have created for you at the 17th annual Distinguished Advisor Conference October 28 – 30 (with access for completion of the program until November 14).

Is a taxable dividend a better option than paying a salary or bonus? There are close to 2 million small businesses in Canada, and many of them are looking for financial professionals to provide simple answers to complex questions such as this, so they can minimize risks to their business.   It’s a big opportunity for practice growth, but to work well with these clients, it’s critical to understand owner-manager remuneration options at year end.  Now you can step up to better guide these clients, by learning from experienced experts on November 18.

Are you ready to train new and staff on personal tax changes for 2020 at a comprehensive professional level?  Knowledge Bureau has just published its all new advanced T1 training course for experienced pros and it features fun and challenging new true-to-life case studies; all of which can be done online.

With the September 30 payment deadline in the past, the longest tax filing season on record is officially over. If it was not already obvious, two big wins came out of it: firstly, 90% of Canadians have fully embraced electronic filing. This phenomenon challenges tax professionals to change their practices to a modern, virtual model permanently.   The second win is this:  the vast majority of us are very compliant with our tax department. But, because there are a few T1s still outstanding (just over half a million compared to last year), there are eight important reasons to nudge your delinquent clients along now.   

As we pause to give thanks for all we have this Thanksgiving; our thoughts turn to how we can give back to our community.  Due to the pandemic, many charities are experiencing a spike in demand for their services, and your favourite charity can use the help even more this year than in other years.

The pandemic has brought a grim reality to personal financial planning:  long term care is fraught with personal health risks. Canadians are worried about the care they will receive as they age, and it’s an issue that tax and financial advisors can help with proactively as part of purposeful year end tax planning. There are three issues to consider.