Start Tax Season 2025 on Sound Footing

Filing a tax return is difficult as the playing field is one of constant change:  the tax rules are in flux, particularly in the 2024 tax filing year,  with all the uncertainty around the capital gains provisions.  But in addition, taxpayers have undergone many financial and life event changes since their last T1 filings, each of which must be identified for each family member.  Here’s a primer for new year conversations between advisors and clients that cuts through the noise:  what matters is what you keep!

Planning to attend Knowledge Bureau’s Advanced T1 Tax Update Tour online on January 15? Register now! All students who register by December 15 will receive a hard copy of this highly coveted hard copy reference book, affectionally known as the Knowledge Bureau’s  “Tax Bible” included in tuition fees thanks to the support of our sponsor Thomson Reuters! Learn more about our partner and the event details below:

How is the economy faring in Canada? The number of personal and business bankruptcies tells the story. Viewed through those lenses the picture in Canada in 2024 is not pretty. In fact, the rise in both bankruptcies and proposals year over year is alarming. What sectors were hit the hardest, and how does the current state of affairs impact the advice tax and financial advisors provide? First, let’s take a look at the numbers:

According to Statistics Canada, although we have seen an increase in taxfilers by about 6%, we have seen a decline in the number of donors by approximately 7%.  However, the good news is that the value of the donations, in dollars, has increased by almost 15% over a five year period.

Are more Canadians today looking at starting their own businesses? The answer is yes, according to 65% of the tax and financial advisors who answered last month’s poll question, even despite the economic uncertainty that surrounds small businesses today. However, many comments point to small business ownership being a side gig for those who need to supplement their income due to increased costs of living. Check out all the insightful comments below:

Get a Comprehensive Look at Tax Theory Changes for 2024-2025, Line-by-line Changes on the Tax Return and Other Key Issues You Should Know About Before the Tax Season! Only at the CE Savvy Summit: 2025 Advanced T1 Personal Tax Update Tour. Choose from Virtual and in Person Events this January and take advantage of group rates for you team training. Register by January 10!

Do you have the skills to provide the process and structure your clients will need to effectively plan for their retirement? Give yourself the gift that keeps on giving and earn new specialized credentials this December with Technical Courses Especially for Financial Professionals. Only $795 per course* (save $200) until December 15. Learn more about how learning new technical tax skills can help you differentiate yourself, attract new business and increase profits by providing a high value service as a trusted advisor to your clients who are increasingly leaning on their financial professionals who need to know tax!