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?

It’s a sign of the times:  everything seems to be going up, including the billions Canadians owe to CRA. But now is a good time to catch up and stop the tax bleed.   Looking at the most recent stats from February 6, 2023 to September 18, 2023, 23% of returns filed this year had an average balance of $7556:  collectively a whopping tax debt of $54.8 Billion. These costs grow with expensive late filing penalties and interest charges.  Delinquent taxpayers can avoid incurring more costs by understanding the penalties and in hardship cases, requesting relief from penalties and interest.  But they may fear CRA repercussions and some sage counselling from their financial advisors can help to get it done. Start with a quick checklist:

It’s been confirmed, but the news was disappointing.  Canada Emergency Business Account (“CEBA”) loans  provided interest-free loans to 900,000 small businesses and non-profit organizations. Partial loan forgiveness would be available to those organizations which were to repay the balance of the loan on or before December 31, 2023. There’s been an extension, but for only 18 days for those who don’t have to refinance.  For the others, new loan repayment dates have been set.  Here’s what happened:

As the final quarter of 2023 is just around the corner, many taxpayers will want to discuss year end tax planning; specifically, what can be done to reduce cash flow required to settle tax debts triggered by 2023 transactions. Thanks to proposed legislative amendments released August 4, 2023, there’s a little known nugget for investors.  It’s possible to recoup prior year tax dollars on capital gains if a replacement property was acquired, and get a pandemic-related reprieve.  Here’s how it works:

Things are changing quickly in the tax world and attendees at the September 20 Virtual CE Summit raved about the educational content they received to stay sharp.  If you missed it, we have a great way to  stay on top the critical changes to tax planning and new burdens of proof, online,  with the new CE Savvy™ Collection – Tax Audit Defence Strategies.  You can earn 5, 15, or 30 CE Credits before year end, too. Here’s why professional advisors cannot miss this opportunity to come up to speed with the complex rules from the March 28, 2023 budget and the August 4, 2023 Draft Legislation:  you could be subject to big penalties, too.

Advisors of the future need to focus on three things, at least if you ask three of our gold partners who will be speaking at DAC Acuity 2023.  The keys to success are building transformative teams, finding the secrets to simplicity in complex planning, all the while understanding and balancing your lifeload. Sound like a lofty goal? Join us to hear from the thought leaders who will help break down these strategies November 12-14 in Banff. Early-bird registration ends September 30.

The early bird deadline is September 30.  So there is plenty of time to register for The Distinguished Advisor Conference and save on tuition fees.  But there is more great news!  We’ve been able to negotiate another block of rooms at the Beautiful Banff Springs Hotel at the KB conference rate – you really can’t afford to miss that!  And we’ve lined up some incredibly fun networking opportunities to complement the seriously great educational agenda.   Check out all the activities and sign up soon through the DAC Interactive Agenda, as spaces are limited! Secure your place at the futurescape: the 20th Anniversary DAC conference!