Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

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?

Something’s been missing on your tax return since 2015 and that’s the non-refundable tax credit for minor children. It was canceled in favor of the enhanced Universal Child Care Benefit and the new Family Tax Cut. Both those provisions have since been canceled in favor of the new Canada Child Benefit.

Things must be gearing up for a really busy week in tax accounting offices since the CRA has only received half the returns it is expecting for the 2017 tax filing year. It’s estimated that there will be 29 million tax returns filed this year. Is a big rush still to come before the May 1 deadline? In a word, yes.

Be warned that the CRA is taking tax avoidance and tax evasion more seriously than ever. The federal budget funded increased verification activities, additional auditors and specialists focused on the underground economy. A major focus of the CRA Criminal Investigations program has also targeted sophisticated taxpayers and promoters of schemes.