Investigative Tax Prep:  Top Ten Changes to Probe

Tax season 2025 has started with a focus on the increased income levels some taxpayers may report due to proposed changes in capital gains tax laws.  But aside from this there are new questions to probe with clients to ensure the family’s tax returns are filed to their very best benefit, given change in their life and financial events as well.  Here are top 10 queries to add to your interview checklist:

Did you know that Knowledge Bureau issued CE accreditation for its own designates as well as for MFDA, IAFE, IIROC, ICM, and AIC requirements?  The breakdown of credits issued follows.  The Acuity Conference for Distinguished Advisors is a great way to earn your CE credits every year!  Mark your calendar now for 2024 Acuity Conference in lively, wonderful Montreal - November 10-12, 2024 - and don’t forget to register as an early bird by February 15, for the best pricing of 2024. 

You are invited to a special, complimentary educational event to learn why a Real Wealth Management approach to your client relationships is so important in this economic environment.  Mark your calendar:  for the Meeting of the Minds February 8 at 10:00 AM Central Time.  Attendees from coast to coast will discuss the events that are triggering their clients to want to make decisions about their life, financial and economic goals – often outside of their pre-defined plans.  There is a new way to approach this.  The Advisor of the Future – the Real Wealth Manager (RWM) – will take a proactive leadership role by aligning the stakeholder groups who are an integral part of a strategic Real Wealth Management plan. 

Did you miss the January 17 Virtual CE Summit? There are still ways to get your hands on the knowledge from the Advanced 2024 T1 Tax Update for 2023 Returns and learn your way, at your own pace from the convenience of your home or office.

Talk about long!  Did you know that Form T2203, Provincial and Territorial Taxes for Multiple Jurisdictions is 104 pages long? The new form, just released online, together with the 2023 T1, provides an excellent scope on just how complicated tax filing really is in this country.  It also makes it clear how critical it is for tax and financial professionals to take an annual Advanced T1 Tax Update course to perform with the high level of competency required to offer tax filing and planning services.  Here’s what you need to know:

Childcare expenses are claimed as a deduction on Line 21400 of the tax return and that’s important because these costs reduce family net income, which is the number used to calculate the monthly Canada Child Benefit (CCB).  But guess what?  If you qualified for the new $10 a day childcare, or you spent less on child care in 2023, an unpleasant surprise may be coming your way.

At rising prescribed interest rates, interspousal investment loans have not been as lucrative  for income splitting purposes as in years past.  Nonetheless if you have one, beware that the borrower must pay the lender the interest due on the loan by January 30 or the arrangement will be nullified.  You may wish to refresh on the rules: