Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

According to the 2016 Survey of Financial Security, released in December of 2017, median net worth increased in Canada by 14.7 percent since 2012. The big ticket to success? Turns out, it’s real estate, pensions and according to other studies, entrepreneurship.

When an employee moves from one employer with a pension plan to a new employer with their own pension plan, pension adjustments can get confusing.

At November’s Distinguished Advisor Conference (DAC), Knowledge Bureau will be honouring tomorrow’s future leaders as the recipients of the Young Advisor Award. Applications are being accepted until June 30, 2018!

The Canada Child Benefit (CCB) will increase this July for families that filed a 2017 tax return. However, the requirement to file a tax return is just one of the reasons why thousands of Canadians can’t access these generous, tax free benefits. The government will soon spend more on awareness; but the tax and financial services community can assist, too.

Father’s Day is coming up soon, and it’s a time to make and share memories. Wouldn’t it be a  wonderful gesture to start a new tradition:  to leave not only a financial legacy to the ones you love, but also the gift of family history at a time like this?  Financial advisors can encourage families to do so, as part of their retirement and legacy planning.

One major goal of the 2018 federal budget was to strengthen the middle class which keeps shrinking in Canada. There is meaningful opportunity for tax and financial advisors to do the work necessary to help their middle clients and improve Canada’s economic future in the process.