Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

Canadians’ confidence in their ability to retire on time seems to have plummeted, according to recent data.  Is there a retirement crisis?  The Society of Real Wealth Managers™ will explore the issue and ways RWMs can help in a special Meeting of the Minds on August 16 at 12 PM CST.  Join us for this important (and free) event…RSVP now!

Whether you need CE credits or prefer an academic pathway to specialization, CE Savvy™-PD Micro-Course collections are designed to help savvy professionals invest in education that’s immediately impactful and implementable. Here’s why that’s important at a time when everything has changed:

Did you know that family doctors, family medical residents in an accredited medical school and nurses or nurse practitioners, including registered psychiatric nurses, registered practical nurses, licensed practical nurses, or nurse practitioners can receive federal student loan forgiveness? In addition, the province of Saskatchewan offers loan forgiveness to nurses and nurse practitioners. This important financial provision comes with strings attached, however: the professionals must work in an under-served rural or remote community to qualify. Plus, there is a short window of time to make application. That brings a host of planning opportunities with tax and financial professionals. Here are the details:

As financial advisors, we are privy to the evolving financial landscapes of our clients' lives. In recent months, a concerning trend has emerged in Canada: a sharp rise in insolvency rates.  This alarming development is creating a ripple effect that is impacting an unexpected demographic—our older, retired clients. Increasingly, we are seeing these individuals draw upon their retirement savings to financially support their adult children who are facing bankruptcy.

Saving up to make tuition fee payments is always an obsession for post-secondary students and their supporting individuals, but tuition fee tax credits, together with the Canada Training Credit, available to those aged 26 to 65 as at the end of December this year, can bring significant tax savings to help make it all more affordable.  Here are some tax tips and true-to-life examples for minimizing your back-to-school spend:

Close to 18 million tax returns are filed by professional EFILE Services in tax season 2023 – 59.5% of all tax returns filed in Canada, according to CRA’s income tax statistics. This speaks to the tremendous opportunities available in mentoring new tax preparers throughout the summer and fall to prepare for tax season 2024.  But in our June poll, 60% of respondents told us it was difficult to attract and engage new entrants.