Start Tax Season 2025 on Sound Footing

Filing a tax return is difficult as the playing field is one of constant change:  the tax rules are in flux, particularly in the 2024 tax filing year,  with all the uncertainty around the capital gains provisions.  But in addition, taxpayers have undergone many financial and life event changes since their last T1 filings, each of which must be identified for each family member.  Here’s a primer for new year conversations between advisors and clients that cuts through the noise:  what matters is what you keep!

TaxCycle Talks is coming to a city near you. This is your chance to hear from Evelyn Jacks, President of Knowledge Bureau and best-selling tax author! Evelyn will break down the key tax changes for Millennials, Gen Z, investors, seniors, and business owners. Don't miss her expert insights into capital gains inclusion rate changes, emerging audit trends, and best practices for training staff for tax season 2024. Register now to attend one of these complimentary events:

What date was the Income Tax Act introduced?  When was the first federal sales tax in Canada?  In what year did Canada introduce withholding taxes? From the time of the first recorded tax in Canada in 1650, the Canadian tax system has undergone over two dozen major tax reforms.   With an election on the horizon, and tax reform a priority for many professionals, it’s a good time to brush up on some tax reform history.

A new landing outlining the details of the long-awaited Canada Disability Benefit was updated by Employment and Social Development Canada on September 13, 2024, providing more details about the monthly stipend, but confirming that there will be no payments until at least July of 2025 – yet another delay from the expected start date of December 2024.  The benefit will not be payable, according to the latest information posting until the month after the month in which an application is approved. For most eligible Canadians, it would appear then, that there are no benefits for at least a year yet.  Here is some background information:

There are times when shareholder disposes of shares with no apparent proceeds. What are the tax consequences?   Following are three examples you will want to know more about as you do some year end tax planning with investors.

It’s the last chance to save on early bird rates for the most important multi-advisory conference in the tax and financial services.   “We invite you to connect with 19 of Canada’s brightest and most accomplished thought leaders and in the tax, accounting and financial services industry at the 2024 Acuity Conference for Distinguished Advisors in Montreal November 10-12”, says  Evelyn Jacks, President of Knowledge Bureau and Program Director. “Our economic future and important tax reforms are on the agenda and, frankly, on the line.  Your experience and views will help shape opinions on the theme:  ‘Safe Havens – How To Secure Financial Futures And Build Wealth Potential’ ”.  Here is more information and how to join us.  Act by September 30 to save on tuition.

The inaugural MFA-P Symposium will be held in Toronto on October 30th, 2024. You’ll experience six dynamic sessions from industry leaders designed specifically to help advisors engage their clients about strategic charitable giving. It’s an opportunity to meet peers and industry leaders who can help you build your business.