This Month’s Poll
Should the Old Age Security clawback start at a lower net income than the current $93,454?Three Months Until Tax Season Starts! Train Your Team
Last year, tax season began on February 19. Tax season has been starting later, leaving less time to file your clients’ returns; but that does leave more time to shore up your education. Now is the time to ensure your team is up-to-speed and ready to prepare audit-proof, tax-efficient returns that save your clients money.
The Next New Tax Facts: Plan Now for 2020
Once you’ve done your year-end planning for 2019, it’s important to know what your tax situation for 2020 will look like. Indexation of tax brackets and personal amounts are based on the Consumer Price Index for September, while prescribed interest rates are based on the average rate for three-month Treasury Bills for October. Although the CRA won’t announce the exact figures until later in November, here’s what to expect the new tax numbers to look like based on a federal indexing factor of 1.9%
The Pros Speak: More Changes to TOSI are Needed
It’s an issue that is still controversial. In 2017, legislation was passed introducing new tax on split income (TOSI) rules in effect for 2018.* It’s legislation that many tax and financial advisors who participated in our October poll would like to see rolled back to old rules. Others have specific changes they believe would be more effective and beneficial to small businesses in Canada.
Tax Dilemma of a New Commission Salesperson
Sales and promotional expenses can be claimed by employees who are required to travel for work and paid on commission, employed in the selling of property or negotiating contracts, or if they are required to pay their own expenses. But when it comes to tax deductibility there’s a big catch.
Spectra Financial Now Hiring: Licensed Financial Representative
Spectra Financial is currently looking to fill the position of licensed financial representative. Read on for more details on this opportunity.
Introducing the New DAC Acuity 2020
Canada’s longest running conference for top advisors in the tax, accounting and financial services is getting an exciting new mandate. Knowledge Bureau’s highly successful DAC (Distinguished Advisor Conference) will morph into a modern new program called DAC Acuity 2020, and will be held in Niagara Falls from October 28 to 30, 2020.
