Advanced Income Tax Rulings
The federal government has taken steps recently to attract more investment in Canada. That’s sure to create some new tax questions that require Advanced Income Tax Rulings (AITR). A new measure to facilitate a faster response was announced on September 14 and is intended to attract business investment of large amounts. Specifically, for investments of $1 billion or more, the CRA will prioritize advance income tax rulings. The measure took effect the day it was announced. Here’s what you need to know:Avoid Tax on Lump Sums on Retirement or Termination
Whenever possible, avoid adding a large lump sum to your taxable income in one tax year. This can be especially problematic when a severance package or termination payment on retirement is received.
First Budget Bill Passes, But Without Corporate Class Fund Changes
Bill C-15 Budget Implementation Act, 2016, No. 1 has passed in parliament and has moved on to the Senate for approval. This Bill implements some, but not all, of the tax measures introduced in the 2016 Federal Budget.
Changes Begin in July: DAC Enhances New Value Proposition
The Distinguished Advisor Conference agenda, has just been released, chocked full of opportunities to build knowledge and business skills and earn valuable continuing professional development accreditation: check it out for yourself and learn more about the 19 thought leaders who will inspire you!
When are Fees Paid to Advisors Deductible?
Fees paid to financial advisors are in focus these days, as new fee transparency and account performance reporting is being introduced under the third phase of CRM2 next month.
Financial Planning and Advice: Is an Integrated Regulator the Answer?
Does financial planning require its own regulatory oversight? That’s the issue the Ministry of Finance in Ontario has charged an expert committee with. Their preliminary recommendations propose an “integrated regulator” and significant restrictions on who has the qualifications to hold themselves out as a financial planner. Consultations on the matter must be submitted by tomorrow, June 17.
Now is a Great Time to Learn Tax Preparation Online
It is critical to know the mechanics of tax preparation, not only for those who want to get into or stay in the tax preparation industry, but also for financial advisors who want to offer an integrated, holistic solution to planning for their clients. If you don't know tax, you're likely missing double digit returns in your plans for Real Wealth Management with your clients.
