Introducing Something New! Canada’s Income Tax Fundamentals Course™ Launches August 31

This stand alone certificate course perfect for those with no prior tax or financial services experience and recommended precursor to the full DMA™ Vocational Certificate, Diploma or Designation Program. Build confidence in yourself and your team members: the program takes about 20 hours, learn to prepare 24 case studies on professional tax software. Every newcomer to the tax and financial services will benefit from this education! Pre-register now. Canada’s Income Tax Fundamentals Course™ will be available August 31 and you can take advantage of this pre-sale offer!

Ontario residents reconsidering international travel plans this year due to the pandemic now have even more incentive to explore destinations closer to home – specifically within the province – thanks to the newly introduced refundable Staycation Tax Credit. The tax credit reimburses 20% of eligible accommodation costs, up to a maximum dollar amount.  It’s a tax incentive other provinces may want to pick up on to spur on home-based tourism. Here are the details:

One of the many changes for this tax season 2022, is that 2021 tax refunds will be lower for thousands of taxpayers that qualified for the “Climate Action Incentive” (CAI). Prior to 2021, the CAI was a refundable tax credit similar to the Canada Workers Benefit or the Canada Training Credit. In all these cases, these credits constituted a tax-free cash benefit that either increased a tax refund or reduced the net tax liability for taxpayers.

Don’t miss this opportunity to take Canada’s most up-to-date and comprehensive Advanced T1 Tax Update Course for Professional Tax Accounting firms and their new and returning staff who will file 2021 T1 Returns. This is Canada’s #1 tax training program for busy practice owners who need to recruit and train staff in time for this tax season.  No travel, no time zone issues, available 24/7 online with outstanding expert instructor-led presentations and support. Leave the training to Knowledge Bureau to make sure you are ready for the busy season, at a special time-limited fee, too.

It’s been almost two years of personal physical, mental and emotional life triggers, coupled with many economic and financial changes.  How can just one financial professional ensure that their client's holistic wealth management plan is focused on tax efficient wealth sustainability with so many triggers at once? Join the Society of Real Wealth Managers™ and seven special guests for the next Meeting of the Minds: 360 Degree Trigger Tour on February 2 at 10 AM CST.   Register now for this complimentary educational event!

On January 14, 2022 the CRA confirmed that trust tax filings for trusts with year-end that falls on or after December 31, 2021 will not be required under new disclosure rules because legislation to enable them and the severe penalties for failure to file a new schedule has not been enacted into law.  For the time being, tax pros will follow the existing rules until supporting legislation receives Royal Assent. There are some interesting details within the proposed rules, which will likely affect next year’s returns.

Quebec is looking for a health contribution for adults who refuse to be vaccinated for non-medical reasons, as half of the COVID-19 beds in Quebec are taken up by unvaccinated Quebecers. Quebec is proposing to implement a vaccine tax, and tax the unvaccinated.  But can a province levy such a tax?