Claiming Medical Expenses: Free Healthcare?

Free Health Care? Did you know that Canadians spend on average more than $1,000 on medical expenses each year? It’s estimated that government programs, via our taxes, cover about 72% of medical expenses, which means that we pay for the rest. Your clients may be over-paying on their taxes because they don’t know about medical expense deductions. 

There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for individuals, investors and businesses in light of the substantive tax law change in 2024.  Are you prepared to help? Join us for our next CE Savvy Summit on November 6 where Evelyn Jacks, Sharon Conrod, Doug Buss, and Special Guest, Kim G C Moody will discuss key year-end planning issues including retirement planning options, cross border taxation, and how Canada’s new capital gains inclusion rates and AMT will affect year-end tax planning. Register by October 15 for early-bird savings, and check out new team member enrolment options to save on your team training this fall.

TaxCycle Talks is coming to a city near you. This is your chance to hear from Evelyn Jacks, President of Knowledge Bureau and best-selling tax author! Evelyn will break down the key tax changes for Millennials, Gen Z, investors, seniors, and business owners. Don't miss her expert insights into capital gains inclusion rate changes, emerging audit trends, and best practices for training staff for tax season 2024. Register now to attend one of these complimentary events:

What date was the Income Tax Act introduced?  When was the first federal sales tax in Canada?  In what year did Canada introduce withholding taxes? From the time of the first recorded tax in Canada in 1650, the Canadian tax system has undergone over two dozen major tax reforms.   With an election on the horizon, and tax reform a priority for many professionals, it’s a good time to brush up on some tax reform history.

A new landing outlining the details of the long-awaited Canada Disability Benefit was updated by Employment and Social Development Canada on September 13, 2024, providing more details about the monthly stipend, but confirming that there will be no payments until at least July of 2025 – yet another delay from the expected start date of December 2024.  The benefit will not be payable, according to the latest information posting until the month after the month in which an application is approved. For most eligible Canadians, it would appear then, that there are no benefits for at least a year yet.  Here is some background information:

There are times when shareholder disposes of shares with no apparent proceeds. What are the tax consequences?   Following are three examples you will want to know more about as you do some year end tax planning with investors.

It’s the last chance to save on early bird rates for the most important multi-advisory conference in the tax and financial services.   “We invite you to connect with 19 of Canada’s brightest and most accomplished thought leaders and in the tax, accounting and financial services industry at the 2024 Acuity Conference for Distinguished Advisors in Montreal November 10-12”, says  Evelyn Jacks, President of Knowledge Bureau and Program Director. “Our economic future and important tax reforms are on the agenda and, frankly, on the line.  Your experience and views will help shape opinions on the theme:  ‘Safe Havens – How To Secure Financial Futures And Build Wealth Potential’ ”.  Here is more information and how to join us.  Act by September 30 to save on tuition.