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. 

We invite you to connect with Canada’s brightest and 16 of the most accomplished thought leaders in the tax, accounting and financial services industry at the 2024 Acuity Conference for Distinguished Advisors in Montreal November 10-12.  Join us to celebrate, meet and honour your peers from coast-to-coast at the Knowledge Bureau Awards Ceremony on November 10. Check out the detailed online conference agenda designed to help you discover new ways to lead with impactful guidance.

Did you know that Cycle 10 CIRO (previously IIROC) credits now available from Knowledge Bureau?Check out these courses especially for designated professionals: take the Real Wealth Management™ Program or the MFA-P™ Philanthropy Services Specialist and for a limited time, you can enrol and save 15% on tuition. Register by June 30 and take advantage of these offers, and start your online studies anytime!

If you’re a Knowledge Bureau VIP Grad or Designate, the upcoming June 30 deadline is coming up and there are a few reminders to help you get the most out of your VIP experience with Knowledge Bureau. Don’t miss this opportunity to reactivate your VIP Benefits, including $100 off your next enrolments for grads, and $200 for Designates and FDFS™. Plus, for Designates now is the time to relicense the use of your designation marks by submitting your attestation to your standards of conduct. Check out the details below:

It’s officially post tax season.  As of June 17, CRA had received 30,908,149 tax returns and the average tax refund was $2200; the average taxes due were $7400.  Now is the time to pay up, invest tax refunds wisely and adjust errors and omissions that may have occurred in your filings.  But as important - get ready for the annual tax audit season.  CRA can and will reassess tax returns for a variety of reasons.  Follow this post tax season tip sheet to manage the tax erosion CRA changes can bring:

How has $10 a day child care impacted the ability for young families to build wealth?  The answer is found in an interesting report recently released by the federal government.  The new supports funded by both federal and provincial governments will also impact after-tax results.

How maxed out is your time?  Most business owners struggle with this – too much to do, too little time.  To prioritize consider:  are you spending more time working on the creation of income or the creation of wealth?  They are conjoined for sure, but by executing on financial priorities that are critical in all the important spheres in your life –in a healthy balance – you will likely achieve more of both.