Claiming Medical Expenses: Free Healthcare?

Free Health Care? Did you know that Canadians spend on average more than $1,000 on medical expenses each year? It’s estimated that government programs, via our taxes, cover about 72% of medical expenses, which means that we pay for the rest. Your clients may be over-paying on their taxes because they don’t know about medical expense deductions. 

According to the 2025 Canada Salary Guide released by Robert Half, Competition is intense for skilled finance and accounting talent, and to compete businesses need to meet or beat market salary rates in order to retain professional staff with specialized in-demand skills. Many are training to upskill their existing staff in order to overcome technical skills gaps. Knowledge Bureau’s programs and courses leading to specialized credentials can help prepare business owners in the field with technical training their new hires need in tax and accounting.

Planning to attend Knowledge Bureau’s Advanced T1 Tax Update Tour online on January 15? Register now! All students who register by December 15 will receive a hard copy of this highly coveted hard copy reference book, affectionally known as the Knowledge Bureau’s  “Tax Bible” included in tuition fees thanks to the support of our sponsor Thomson Reuters! Learn more about our partner and the event details below:

How is the economy faring in Canada? The number of personal and business bankruptcies tells the story. Viewed through those lenses the picture in Canada in 2024 is not pretty. In fact, the rise in both bankruptcies and proposals year over year is alarming. What sectors were hit the hardest, and how does the current state of affairs impact the advice tax and financial advisors provide? First, let’s take a look at the numbers:

According to Statistics Canada, although we have seen an increase in taxfilers by about 6%, we have seen a decline in the number of donors by approximately 7%.  However, the good news is that the value of the donations, in dollars, has increased by almost 15% over a five year period.

Are more Canadians today looking at starting their own businesses? The answer is yes, according to 65% of the tax and financial advisors who answered last month’s poll question, even despite the economic uncertainty that surrounds small businesses today. However, many comments point to small business ownership being a side gig for those who need to supplement their income due to increased costs of living. Check out all the insightful comments below:

Get a Comprehensive Look at Tax Theory Changes for 2024-2025, Line-by-line Changes on the Tax Return and Other Key Issues You Should Know About Before the Tax Season! Only at the CE Savvy Summit: 2025 Advanced T1 Personal Tax Update Tour. Choose from Virtual and in Person Events this January and take advantage of group rates for you team training. Register by January 10!