Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

Are you a Canadian army veteran looking for your next career opportunity? The new Veterans' Education and Training Benefit supports your educational pursuits in the tax and financial services.  Knowledge Bureau courses and programs are eligible, and convenient: available online for continuous intake, 24/7. They provide new credentials for skills that are in high demand.

According to Knowledge Bureau’s March poll results, financial professionals agree that Budget 2018 misses the mark. Why do tax and financial advisors believe that simplicity and fairness, in particular, were not addressed, and what impact does this have on the services you provide?

Knowledge Bureau is thrilled to announce that faculty member Jenifer Bartman, who will be a guest lecturer on the November CE Summit Tour, is appearing as a regular panelist on the CBC News Network Weekend Business Panel.

With the prescribed interest rate doubling to 2% as of April 1, there will be a significant impact on Canadians who face overdue tax balances with the CRA.  It follows that understanding what interest costs are deductible and which are not, is of new interest.  This subject is one that qualified tax and financial advisors will be prepared to discuss with clients as we tee up for the busiest month of tax season.

Buying a home this spring or approaching a mortgage renewal? May is the busiest time of year for real estate transactions, and you will want to see your tax and financial advisor to discuss the implications of the new mortgage rules and rising interest rates on your after-tax earnings.

Have the CRA’s service standards improved? Reports from tax professionals and their clients show progress this tax season. However, in light of increased audit activity, diligence and thorough documentation remain necessary - as this story from the field demonstrates – or you risk major financial consequences.