New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

As Canadian baby boomers retire, it’s been estimated that $10 Trillion in small-business assets will change hands in Canada over the course of a decade*. We’re entering the peak point of this transition, according to economic forecasting, between now and 2025. Canadian business owners, in particular, have a lot to lose, if their succession planning is left on the back burner:  their retirement security.

The June 15 tax filing deadline for proprietorships is just around the corner.  But, there’s another problem soon to befall delinquent taxpayers:  the tax collector is coming if you haven’t paid up, and you can expect a “no excuses” approach.

Significant gains in transfer payments combined with good market income growth translated into an increase in median income for Canadian households, to $57,000 in the period 2000 to 2016. There is a message in the numbers for pre-retirees, and in particular women: be proactive about tax-efficient investing now or risk poverty in retirement.

The transformation of the CPP, new income splitting rules for family business and more are changing the retirement planning game, and a new study shows that clients find the most value when their tax or financial advisors make retirement-related services a priority.

Understanding CPP changes is something Canadians continue to struggle with. Here is some history, and key guidelines to share with your clients and guide you in leading them towards tax-efficient income planning decisions in 2018 and beyond.

Now that it’s May, a whole new tax season – 2018 - has begun! It’s prime time to “spring into studies” and enhance your career with knowledge and skills in personal tax consultancy.  Why?  Artificial intelligence and software solutions can’t replace the true value of specialized advice.