Tax Tip: The More Obscure Medical Expenses

Are you claiming all the medical expenses you or your clients might be entitled to? 

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On Monday Oct 17 at DAC 2022, join Judith Chambers, an Investment Advisor at TD,  on a panel discussion led by Christine Logan, Head of Marketing (Americas) for Franklin Templeton and co-panelist, Saijal Patel, host of Strictly Money.

The Personal Pension Plan is the “Swiss Army Knife” of solutions for retirement planning in a new and changing economic environment. It is therefore a must know for tax and financial advisors working with pre-retirees; in particular, business owners.   

Fall is in the air which means, from a financial planning perspective, a transition to year-end tax planning activities! Tax savings are such an important hedge against inflation, but Canadians are missing out: 

The Department of Finance released draft legislation for public comment on the Tax-Free First Home Savings Account (FHSA) first announced in Budget 2022. The scheduled effective date is January 1, 2023; however, it will likely be little later in the year before firms start offering the option to clients.

CRA has just announced increases in the CPP and EI premiums – statutory deductions – that will be payable by employers and employees in 2023.  In the case of EI (Employment Insurance), the rates had been frozen for two years; but now, with both plans becoming more expensive, these taxes on labor will shrink both take home pay for workers and cash flow for employers in an inflationary winter.