This Month’s Poll

The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?

As the key eroders of wealth – taxes, inflation and fees – are about to take a bigger bite out of Canadian’s balance sheets…as Real Estate Ownership comes under the CRA microscope. There’s a big opportunity for you to help! You’re invited to learn more at the September 20 Virtual CE Summit on Audit Defence: Managing Tax Risk for Real Estate Owners with Evelyn Jacks, DMA™, RWM™, MFA-P™ AND Alan Rowell, RWM™, MFA™, DFA-Tax Services Specialist™.  Register now and select this event as part of your CE Summit event pass: available as a duo, trio or quad of events, you’ll line up your CE for the year and save on tuition!

Dental care appointments are just one of those annual “back to school” events most parents sign up for.  This can have immediate tax advantages. Recall, the Canada Dental Benefit was introduced a year ago.  Yet, many parents may not know about it and may not be taking advantage of this opportunity to supplement dental costs incurred for their children. Here are some talking points to re-engage your clients with families this fall:

If you own a residential rental property as an investment or in business with another person, it is important to consider whether it’s necessary to file a new tax return in Canada: the UHT-2900, which is due on  October 31, 2023.  This is particularly important news for younger real estate investors and therefore, an opportunity for tax and financial advisors to be of help. Here’s how the numbers tell a new story, and why tax compliance is a new issue:

Based on CRA income tax filing statistics to August 13, 2023, just under 60% of all the 30.8 million tax returns filed in Canada this year were E-filed, which means the vast majority of Canadians are using the services of a professional EFILER to get their tax returns filed.   That’s good news for the industry, which has the opportunity to grow even more, especially if receiving referrals from other financial advisors, always on the look-out for trusted, knowledgeable and highly skilled tax talent.  Common question:  are tax accounting and legal fees tax deductible?  There are some specific rules to know:

Looking for IIROC credits before year-end? Knowledge Bureau is pleased to offer three educational program options The Real Wealth Manager™ Designation, the MFA-P™ and the Certificate Course Navigating Privacy Issues.  These Practice Management programs can be taken anytime, 24/7 online in the convenience of your home or office.  Check out the program guides:

Now is the time to get ready for tax season 2024 by adding Distinguished Master Advisor (DMA™) to your own Specialized Credentials, or expand the talent in your office to grow your firm. Choose from 3 recommended Designation Programs, and as a special bonus when you register by September 15, you can come to the September 20 Virtual CE Summit on Real Estate Audit Defence free!