June 30 Tax Deadline is Looming for Non-Residents

An important deadline is approaching for non-residents with certain Canadian-source income. June 30 is the deadline to file elected returns under Section 216 (pertaining to rental income) and Section 217 (pertaining to Canadian source pension income). There may be significant consequences for missing this deadline as returns received after this date, generally aren’t accepted. Here’s what you need to know:

Entrepreneur Amanda McAskill, of AJM Bookkeeping and Business Services is a recent graduate of Knowledge Bureau’s Bookkeeping for Small Business course. She found herself re-energized by the course, and inspired to tackle her career goals. Here’s her story:

Nearly 90 percent of Canadians filed their tax returns online this year. Despite this, low adoption rates show that some of the CRA’s automated programs are missing the mark - at least so far - and may be failing to improve the rates of taxpayer filing delinquency.

How financially literate is the global population? Not very, according to two important reports, and that’s a big problem. There are significant economic consequences to this knowledge gap that underscore why financial education is essential for everyone.

Young advisors are the future of an industry that’s rapidly transforming, and Knowledge Bureau will be honoring an up-and-coming change-maker at November’s Distinguished Advisor Conference in Quebec City. Nominations for the Distinguished Young Advisor Award are being accepted until August 31, 2018.

Inflation has hit its highest point since February 2012’s 2.6%. It now sits at a lofty 2.5%, and is expected to hold steady until the second half of 2019. Poorly understood, inflation, together with high taxes and rising interest rates, is a great wealth eroder.

Addressing workplace diversity and inclusion is a core approach for achieving the higher standards of care demanded of today’s tax consultants and financial advisors. But what does it take to rise above our “Canadian Privilege” to achieve better results for a changing demographic landscape in your advisory practice?