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:

While Albertans are paying 9 cents more at the pumps after their gas tax was reintroduced after a two year pause from a 13 cent tax, Manitobans began to enjoy a 14 cents per litre gas tax holiday in January, which over 6 months will provide a household with 2 cars about $250 in savings and combined savings to individuals, business and municipalities are projected to be $163 Million.  That’s a nice boost into the economy which is projected to feature a 2% inflation rate.   But, will this filter down into consumer advantages at a retail level?  Possibly.

In just one week we’ll be discussing all the news pros need to know for tax season 2024!  There are over 120 tax filing and planning milestones, over 60 changes on the tax forms and schedules and 28 key legislative changes that will substantially affect tax planning in 2024. Check out the detailed agenda and register by January 15 to save on tuition fees. 

We are excited to welcome back our corporate sponsors to DAC 2024 – November 10-12 in Montreal:  Franklin Templeton and Johnston Group.  It’s going to be another outstanding sold out event, so we urge you to reserve your sponsorship and speaking topics, as well as all attendee delegate registration by the early registration deadline of February 15.  Hotel rooms at the beautiful Hotel Birks are expected to sell out quickly as well.

Happy New Year 2024!  May your year it be filled with good health, good friends and good fortune! To start out the year, Knowledge Bureau Report invites you to share our new interactive Calendar of Educational Events and our Top 3 Picks for the Breaking Tax and Economic News stories of 2023 that will shape the conversations tax, accounting and financial professionals will have in 2024!  See if you agree:   

With all the challenges Canadians are facing making dollars stretch these days, there is some good news on the horizon: Tax Season 2024!   It’s going to be full of a multitude of tax changes that can lead to a potential refund, increased tax free credits, especially if RRSP season is purposeful in reducing family net income.  But for some, a balance due to CRA will come with high interest charges if it can’t be paid by the April 30 filing deadline.  

January 1 is the introduction date for the CPP2.  A new tier of premium increases begins for higher income earners.  It’s 4% more on contributory earnings between $65,000 and $73,200 – for a maximum additional premium of $188.  That’s on top of a $3754.45 premium (5.95%) on the first $65,000 of contributory earnings.  The self-employed pay both the employer and employee portions to a maximum of $8111.   Knowledge Bureau Report asked its readers:  in your opinion, will the CPP2 premium increase starting January 1, 2024 cause financial hardship to employers and employees? Overwhelmingly the answer was yes: 88%.  Here were some of the reasons why: