Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

It’s safe to say that the professional financial community doesn’t agree with the 2017 federal budget proposal to wipe out the Work in Progress rules: 76% to 24% in fact.

The federal budget has put an emphasis on positioning Canada for success in the innovation economy of tomorrow. However, an emerging issue for most professional advisors is what to do about the emphasis CRA has on the reporting of offshore assets and the perceived loopholes private business owners have. 

The Distinguished Advisor Conference (DAC) has established its reputation over the past 14 years as the most comprehensive and strategic educational conference available to tax and financial advisors.

How do you rise above the disruption of technology and realign your value proposition with the values of your prospective new clients and the demands of your current book?

Something’s been missing on your tax return since 2015 and that’s the non-refundable tax credit for minor children. It was canceled in favor of the enhanced Universal Child Care Benefit and the new Family Tax Cut. Both those provisions have since been canceled in favor of the new Canada Child Benefit.

Things must be gearing up for a really busy week in tax accounting offices since the CRA has only received half the returns it is expecting for the 2017 tax filing year. It’s estimated that there will be 29 million tax returns filed this year. Is a big rush still to come before the May 1 deadline? In a word, yes.