December 2024 Poll

Should the $250 Working Canadian Rebate be passed into law to provide tax relief to individuals with working net income under $150,000, who also contribute to the CPP?

DAC Acuity 2023 in Banff was truly remarkable. The Delegates in attendance represented a multi-disciplinary array of leading professionals from the tax and financial services poised to position themselves as advisors of the future. In recognition of this, the DAC 20th Anniversary Awards honoured some outstanding winners: including the Advisor of the Future Award, New Movers & Shakers Award, Industry Change Makers Award, and The Distinguished Master Advisor Award. Please read their stories below! Congratulations to all winners! Join us next year for the 2024 Acuity Conference for Distinguished Advisors November 10-12 in Montreal!

The world has weathered through the most significant health and financial crisis in recent history.  Everywhere there is fallout—lost investments, lost careers, lost homes, broken marriages and significant relationships.  Is there light at the end of the tunnel?  Absolutely! Imagine sitting down for the weekend with 50 successful Canadians from all walks of life to hear about their difficult life experiences and how they overcame them.  Make a difference:  give the gift of hope!  

The 2024 DAC Acuity Conference wrapped up in Banff today where thought leaders from coast-to-coast gathered to discuss the theme Imagine:  Break Free to Embrace Transformative Change.  In celebration of Knowledge Bureau’s 20th anniversary, the national financial educational institute handed out a series of awards to individuals, academics and firms in the tax accounting and financial services to recognize excellence in holistic tax and wealth management practices.  A new designation, the Fellows of Distinguished Financial Services (FDFS™) was also awarded to close to 100 deserving individuals.

There are 6.2 million persons with disabilities in Canada, 23% of whom live in poverty.  And, more shocking is the fact that 13.1% of young people age 15 to 24 years, are living with a disability, comprising of 4.1% of the population.  The Canada Disability Benefit (CDB) was into law on June 22, 2023 to help.  But the fine details are still sketchy. The payments are not expected to start until December of 2024.  Still, tax assistance is possible and an important part of year end tax planning. Subscribe to KBR to receive your copy of this special report directly in your inbox!

In June 2016, federal and provincial finance ministers agreed on enhancements to the Canada Pension Plan (CPP).  The goal was to increase the pension available to the current generation of workers from the 25% of pensionable earnings to 33% of pensionable earnings.  But this has come with substantive premium increases, and starting in January of 2024, a second tier of additional premiums for higher earners.  Small businesses and the self employed will be particularly concerned about these increased premiums, which were officially announced on November 1.  Here are the details.

What are the rules on withdrawal?  Maximum annual withdrawal amounts are established based on life expectancies but an ability to encroach on capital is also to be provided. Only the beneficiary and/or the beneficiary's legal representatives can withdraw amounts from an RDSP.