Helping First Nations, Inuit and Metis with Tax Filing

The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.

The nature of the charitable sector is changing in Canada. On March 7, 2019, the Minister of National Revenue issued four key recommendations for the administration of new rules relating to the political activities of charities. Some in the sector are rejoicing, but others are wondering about the long term impact of the changes.

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.