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:

Knowledge Bureau’s  T1 Advanced Tax Update Hybrid Learning Event is now available for registration, to provide a complete suite of educational resources personal tax specialists need to file a broad base of T1 returns for the 2023 tax year, including returns for individuals, students, families, investors, seniors, proprietors, the disabled and nuances for terminal returns.  Everything is included for this top tier Advanced T1 Tax Update to fully prepare you for the tax season including, as described below, the CE Summit workshops – virtual and in person – and a full tax research library, hard copy desk top reference journal, and CE Accreditation. 

We’ll be back on January 3, 2024!  In the meantime, please share your thoughts in our last poll of 2023:

Connect with a like-minded group of financial leaders through cross-referral and networking opportunities as a member of the Society of Real Wealth Managers™: open to those who have achieved the RWM™ Designation. Current members of the Society of Real Wealth Managers™ commit to an annual membership that qualifies for 15 CE/CPD credits to keep your RWM™ credentials in good standing with Knowledge Bureau. For existing members, join us on Tuesday, January 2 for our annual member’s meeting, check your calendar for details.

On  December 11, the federal government announced it will introduce the new Canada Dental Care Plan (CDCP) to seniors age 87 and above in December 2023.  Access for others will begin over the 6 months ending in June 2024.  In all cases, eligible claimants must not have access to a private dental care plan, and 2022 tax returns must have been filed to meet income testing.  Tax specialists should contact our oldest seniors immediately to discuss eligibility and in addition, be mindful of changes to T4 and T4A slip reporting as well.  Here are the details:

Did you know that of the over 31.5 returns processed in 2023 for the 2022 tax year, close to 7.4million of these returns had a balanced owing for a grand total of almost $57 Billion?  That’s an average amount owing per return of $7,729.  Owing CRA money can be very expensive – and the interest rate on overdue accounts is expected to rise in January to 10%.   Here is how they are calculated and what you can do to free up cash flow ahead of this year’s holiday season by managing the spend to the CRA:

Beginning December 12, 2023 the government is asking for feedback until February 9, 2024 in preparation for the 2024 Federal Budget. This is your opportunity to make a difference and share your ideas and priorities on how the government can build an economy that works for everyone. What is most important to you? What challenges do you see ahead? Join the conversation by taking the questionnaire or submit a more detailed submission.