Donation Deadline Draws Near

There is still time to give and save money: mark your calendar for February 28.  That is the deadline date to make cash, cheque, money order donations  to your favorite charity and claim the deduction on your 2024 tax return.

The DMA™ Distinguished Master Advisor is a technical specialist in one or more financial disciplines: personal tax, corporate tax, accounting, or small business management and business transition services. Register by February 15 to earn new specialized credentials that build confidence, bring new solutions and build new networks!

Especially for experienced financial services professionals as part of a comprehensive workplace training plan! Earn a new Certificate in Lifecycle Transitions Planning. Choose 15 cool new interactive mini-courses – one hour in length - from a selection of 80 modules.  There’s one important focus:  to help you engage more effectively in tax-efficient wealth management conversations during this period of significant – and potentially expensive – tax change in Canada.  Here’s what you need to know:

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:

CRA has put business owners and their representatives on notice that starting in the spring of 2025 their relationship is a digital one.  Specifically, CRA will transition to online mail as the default for business correspondence through the My Business Account portal, rather than communicating through the mail.  That could mean two things for professional tax advisors:  an increase in business from small business owners who want them to the digital relationship for them and second, extra vigilance for communication exchanges for those who Represent a Client. 

Each year Canada writes off millions in unpaid student loans. This is a generally under-reported story but the money we, as Canadians, lend to students and never see again is significant, as explained below. Further, in an effort to ease the burden on students the government eliminated interest on student loans in 2023. Despite the government’s best efforts to make repayment easier, defaults continue. This year, though, the federal government is pivoting to provide some new incentives. 

In this CE Savvy Mini Summit half day live virtual event, participants will learn how to confidently file simple tax returns at a high level.  This event is part of a 4-part training series with a focus on how to file the T1 tax forms and is ideal for new, rookie tax preparers, financial advisors who interact with clients who have tax-related questions and anyone new to tax filing in Canada. As part of this training program, you are automatically enrolled in Canada’s Income Tax Fundamentals Course. Check out the agenda and register now to upskill your team before the upcoming tax season!