SMES: Carbon Tax Rebates on the Way?

July 15 was an important day for carbon-tax weary taxpayers. A Canada Carbon Rebate payment was  made to individuals who have filed their 2023 personal tax returns.  What about the long-awaited $2.5 billion Carbon Tax Rebate For Small Businesses? The delivery date and amounts to be received remain elusive, but one thing is clear: many businesses will have disqualified themselves by missing the July 15 date for filing 2023 T2 returns.  Here’s what you need to know. 

The term "Snowbird" refers to a person who is ordinarily resident in Canada but spends part of the year in the U.S.  There are a significant number of such individuals. It is estimated over a million Canadians travel south for the winter – mostly between the ages of  50-69 - to popular sunny states like Florida, Arizona, New Mexico and California as well as other sunny destinations in Mexico, Panama and Costa Rica. Many businesses cater to such individuals in Canada and in the foreign countries they visit and buy properties in.  This is especially true of tax, legal and financial advisors, too, because there are costly tax traps to avoid.  

There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for investors and owner managers. Are you prepared to help? Take a duo of CE Summits with Knowledge Bureau this November and January and get the tools you need to help a variety of client profiles. Plus, you save on tuition with a Duo CE Summit Event Pass!

Now is the time to get ready for tax season 2024 by adding Distinguished Master Advisor (DMA™) to your own Specialized Credentials, or expand the talent in your office to grow your firm. Choose from 3 recommended Designation Programs.

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Picture this, you’re in a rush so you check your driving app to find the quickest route to your destination. You’ve got the car packed and you are on your way.  The drive is going well, and you are on track to make it to your destination just in time; that is, until you hit a couple of construction detours.As you sit in traffic, you wonder why the app sent you down a road that wasn’t ready for traffic? This is the feeling many taxpayers and their advisors are having as they try to comply to file form UHT-2900 by the October 31 deadline this month.

The Millennials, children of Boomers and GenX, parents of the Alpha Gen, are the fastest growing population in Canada, at 33.2%, and are part of the cohort that is the median age in Canada in 2023:  41 years. A recent study found millennials were 1.4 times more likely to file for insolvency than Gen X aged 42 to 56, and 1.7 times more likely than baby boomers aged 57 to 76. Insolvent millennials were on average 33 years old and owed an average of $47,283 in unsecured debt. They need financial planning help, especially to understand their continued access to refundable benefits.