New: Personal Support Workers Tax Credit Coming Soon

Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories.  Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement.  Here are the details:

It just doesn’t seem right.  Canadian resident recipients of German Social Security – some now close to 100 years old -  have long been embroiled in a complex “give and take” when it comes to their pension eligibility and taxation.  In at least one case, the fight for tax fairness has caused on couple to pack up and leave the country, according to a tax professional who contacted us with the story.  Here are the issues and how to help:

With a very challenging tax season behind us and more complexity on the horizon with new tax rules, business owners would be wise to take the opportunity in the “off season” to re-think wealth creation in an asset class that others don’t have: the equity in a business enterprise that some day may be sold for millions of dollars.  There are new opportunities to arrange ownership structures to use a new $1.25 Million Capital Gains Exemption or the new Canada Entrepreneur’s Incentive, in addition, the new capital gains inclusion rates, the Alternative Minimum Tax (AMT) and new intergenerational business transfer rules to consider.  This requires the help of a trusted financial advisory team.  Who should be on that team and how do you find them?  Here are some tips:

Knowledge Bureau is pleased to introduce a new Diploma in Advanced Family Tax Compliance.  The program provides critical technical studies for professional tax accounting and financial advisors whose clients are facing increasing tax audit risk with recent changes for capital gains dispositions, rental property ownership and family business succession.

Have you added your company’s logo to the list of esteemed partners at this year’s Acuity Conference for Distinguished Advisors?   There is still time to promote your good work nationally and join this illustrious group. Get in by September 30!

Professionals who are designated specialists are committed to meeting standards of conduct that include professional development annually and an attestation to ethical conduct.  Knowledge Bureau designates who have not yet relicensed have the options that follow.

Here’s a dark horse for those who NETFILE six or more T1 returns for friends and family.  Starting in January 2024, it became mandatory for you to register as a tax preparer for the purposes of  EFILE if you accept payment for those returns.  Penalties are charged if you don’t comply and even if you want to, you may not pass CRA’s suitability tests.