SMES: Carbon Tax Rebates on the Way?
July 15 was an important day for carbon-tax weary taxpayers. A Canada Carbon Rebate payment was made to individuals who have filed their 2023 personal tax returns. What about the long-awaited $2.5 billion Carbon Tax Rebate For Small Businesses? The delivery date and amounts to be received remain elusive, but one thing is clear: many businesses will have disqualified themselves by missing the July 15 date for filing 2023 T2 returns. Here’s what you need to know.Bare Trust Compliance Threat Not Over
Although, in general, bare trust filings received a CRA reprieve for the April 2, 2024 tax filing deadline, other obligations remain and will carry non-compliance penalties. Specifically, CRA has stated that the T3 Return and Schedule 15 (Beneficial Ownership Information of a Trust) will not be required for the 2023 tax year unless the CRA makes a direct request for them.
The Increasing Reliance on Public Pensions: Things Have Changed
Things have changed for Canadians in their pre-retirement planning period. High interest, inflation and consumer debt are eroding away “savings room” for private savings, and longevity risk is increasing. As a result, preserving access to indexed public pensions – the CPP and the OAS - is now more important than ever in retirement income planning. Doing so is complex. That’s why, well informed tax and financial advisors can add significant value.
Financial Literacy: Why the Federal Budget Does it a Disservice
The April 16 federal budget proposed capital gains taxes that penalize those who have used their knowledge, skills and resources to make responsible financial decisions and has widely promoted tax and financial concepts that are not quite on the mark. That introduces the potential for three unfortunate outcomes: uncertainty that stifles investment and initiative, increased financial illiteracy and worse, potential injustices when tax changes are politicized to pit one generation against another. Fortunately, tax and financial advisors can help to restore shaken confidence in their important roles as educators and intermediaries. Here are the issues to consider:
The Secret Ingredient in Retirement Income Planning
Successful retirements, from a financial point of view, are about three phases of planning: pre-retirement, in-retirement and after-retirement. While a regular process for saving, investment performance metrics and deaccumulation methods are all very important, retirement income planning is really about one strategic goal: what matters is what you keep.
Intro to RWM™: May 7 at Noon CST | Calm Fears in Light of the April 16 Federal Budget
It is so important for tax and financial advisors to help distill fears and knee-jerk reactions in light of the April 16 Federal Budget. Join members of the Society of Real Wealth Managers on May 7 at Noon CT for a frank discussion and open forum online, about the need for tax literacy and a multi-stakeholder approach to intergenerational wealth management that pushes back on the fear factor.
Income Tax Courses: Add High Value to Your Services
The April 16 Federal Budget proved once more that one of the most important skills people working in the financial services can offer is a deepened knowledge of personal, corporate and trust filing requirements. This is an essential financial service to help households navigate the increasingly broad – and expensive - reach of the CRA, especially for investors and business owners. Knowledge Bureau’s suite of newly updated certificate tax, bookkeeping and retirement planning courses are now available online, together with a special offer. Course benefits and descriptions follow:
