New: Personal Support Workers Tax Credit Coming Soon

Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories.  Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement.  Here are the details:

Since February, the provincial governments across the country have been releasing their 2017 budgets. Most recently in the last week of April, Ontario, Nova Scotia and the Yukon released theirs. Over the next three Knowledge Bureau Reports, we will be presenting a brief summary of each provinces’ tax provisions, starting with the most recent:

Congratulations to our April Financial Trivia winner: Glen Pangle, who correctly answered this question in April: When was the first record of taxation in Canada? Read on for the answer and a new opportunity to answer this month’s financial trivia question. You too could enter to win a free registration to the Distinguished Advisor Conference (DAC) in the spectacular wine country of BC. 

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?