Budget Measures Get the Green Light: Bill C-15 Receives Royal Assent

On March 26th, Bill C-15 received Royal Assent. A synopsis of some of the most significant elements of the Bill appear here; provisions that advisors and clients should be discussing when preparing tax returns before the end of April.  This includes the fact that the GST/HST Credit has now been replaced – but your clients may not know this.  There are new Capital Cost Allowance Provisions for rental property owners, provisions for the disabled and the Personal Support Workers Tax Credit is now law.

Sun Life and Knowledge Bureau are pleased to unveil Tax in Practice; a series of 10 new CE Modules for advisors who aspire to work with the lucrative small-to-medium business markets. Tax in Practice covers the most recent tax reform changes in order to provide advisors the opportunity to target the unique needs of family business clients by offering high-value advice.

It’s tax filing season but smart taxpayers will turn this into tax planning season, too. The key question for couples working with tax specialists: how do we maximize our retirement income potential? There are three specific goals to consider.

The difference between good and bad debt often lies in its tax deductibility. Those who leverage their assets as part of their strategic plan to build wealth, will often do so more successfully by earning more income and increasing their net worth. However, should you borrow to invest? Claiming tax deductible interest is often the only consolation for the eroding effect that the costs of debt can have on personal wealth. Here’s what you need to know this tax season:

Knowledge Bureau has released a newly updated certificate course to train advisors on the nuances of filing tax returns for small businesses. The big tax change this tax season is proving to be a bit of a headache: how to handle new capital cost allowance claims under the new Accelerated Investment Incentive. Good news: this new course covers the issue with great examples and case studies.  

Great news! New data from Statistics Canada’s Canadian Income Survey, released on February 26, shows that poverty levels are on the decline thanks (at least, in part) to federal benefit programs like the Canada Child Benefit (CCB) and the Guaranteed Income Supplement (GIS). Unfortunately, there is a fly in the ointment, but tax and financial professionals can help.

Is a recession around the corner? A March 1 Statistics Canada economic report shows negligible economic growth for the fourth quarter of 2018, due to a decline in oil export prices and decreased investment spending. Now just might be the right time to implement tax and financial planning strategies to brace for a prolonged slowdown.