Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

Share the gift of education with your clients this holiday season! By discussing the six essential tax tips your clients need to know for 2019 and beyond, you can help Canadians become more informed on the tax-efficient decisions that will improve their financial health in the new year.

New data from Statistics Canada shows that government transfer programs have a positive impact on getting Canadians out of low-income status. But for some demographics, these positive effects have declined over time. It’s a timely topic, as the holiday season reminds us that the most vulnerable demographics, which includes women and seniors, may not have the resources to enjoy the holidays or share with their families.

It’s an advisor’s duty to help protect their clients from financial abuse, and seniors are most vulnerable to this. In fact, according to the Ontario Human Rights Commission, 62.5 percent of elder abuse cases are financial. What can you do to give your senior clients the gift of financial protection this holiday season?

Rosanna Sternat has attended the Distinguished Advisor Conference (DAC) for six consecutive years, and was most inspired by Knowledge Bureau’s first annual Business Builder Retreat. She shares how the educational experience has benefited her public accounting practice in Selkirk, Manitoba.

Will Bank of Canada Interest rate setting impact your holiday euphoria? Bank of Canada’s Steven Poloz announced today that the overnight rate would remain at 1.75%.

In the holiday spirit yet? This news might dampen it: on Friday November 30, Statistics Canada released a report on GDP, income and expenditure for the third quarter of 2018. The big news? In 2018, Canadians have had the worst household savings rate on an annual basis since 2005, averaging only 1.4% over the past year. For the third quarter of this year, the household savings rate was a mere 0.8%; the lowest quarterly level since early in 2017.