New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

Certified Financial Planner (CFP) Chris Bockstael, of OneLife Wealth Management Inc, graduated with an MFA™ – Retirement and Succession Services Specialist designation, based on recommendations from colleagues who indicated that Knowledge Bureau courses were particularly pertinent to financial planning.

With a little under two weeks until the April 30 filing deadline for individuals, tax filing season is in full swing. However, there is another upcoming date to think about: the June 17 filing deadline for proprietors. If there is a balance due, it’s best for all taxpayers to file and pay by April 30 in order to avoid interest costs.

Canadians pay a lot of tax! In fact, tax is the single greatest lifetime expense: an average two-income earning family could pay in excess of $1 million over their lifetime. While meeting with clients to file their 2018 taxes, it’s a great strategy to discuss the tax exempt income sources. Planning to earn more of them will help with cash flow and paying less tax next season.

Three more provinces have released their provincial budgets throughout March and April. Neither New Brunswick’s released on March 19, nor Saskatchewan’s on March 20, included significant tax changes. However, Ontario’s new Conservative government released its highly-anticipated first budget on April 11; and it includes some tax changes that residents of the province will be happy with. Here’s the round-up:

Get ready for the last minute T1 filing rush! According to the CRA, just over 10.6 million tax returns were filed as of April 1; against a total of over 30 million in the last tax season. While electronic filing is the preferred choice for filing again, the average refund has decreased.

Health transition planning is an emerging trend, to be discussed in May at the CE Summits tour with special guest expert Karen Henderson. One way advisors can help is to keep an eye on recent tax issues for disabled Canadians – particularly those with diabetes. These taxpayers have struggled to access and retain two important government benefits, The Disability Tax Credit (DTC) and Registered Disability Savings Plan (RDSP).