This Month’s Poll

The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?

The spousal RRSP is one of those often-overlooked gems in a long term retirement income planning strategy; one that you shouldn’t overlook in the RRSP top-up discussion before the March 2 deadline. It’s the contributor who gets the RRSP deduction based on his or her own RRSP room, but it’s the annuitant spouse that will draw on the money later, according to special rules. Here are six basic “must-know” tips:

Did you know about 5 million people in the world have birthdays every four years on a Leap Year?  Rumor has it they also have very special powers! With February 29, 2020 just around the corner, we are pleased to share some fun facts about Leap Year with you, along with some special powers  to take advantage of our Leap Year Tuition Special, which ends (you guessed it) on February 29!

RSVP now to attend Canada’s premiere and longest running strategic conference for professionals in the tax, bookkeeping and financial services and lock in low tuition rates available to you - our very best clients - before the end of this month. But hurry, those rates will rise on March 1, and as always, you are welcome to custom-design your payment plan. 

Filing a tax return is the first (and often most important) financial transaction of the year for most Canadian families. While Canadians love their tax refunds, they won’t start flowing this year until March, as CRA won’t accept your E-filed returns until Monday, February 24 and refunds likely won’t flow until at least March this year. Reality check: tax refunds are a poor financial planning strategy.

There are 10 key tax filing milestones coming right up in February and March.  Have you discussed them with your clients? Check out the Knowledge Bureau Professional Tax Filing Matrix and nudge your clients along to book appointments in advance of what is sure to be a very busy tax season. Plus, there is still time to train new and returning staff on the changes to the 2019 tax return.

TOSI, a most controversial provision introduced on July 17, 2017 is now in its second reporting year. As many companies are  preparing T5 slips, dividends distributed from certain professional corporations must be properly reported for non-active members of the family. Tax specialists will want to discuss where the onus of proof lies for proper reporting and brush up on the complex rules and their impact using tax form T120.