Tax Tip: The More Obscure Medical Expenses

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

Inflation, interest rates and bankruptcies are all going up. Wealth taxes on the horizon, are too. Savvy tax and financial advisors will want to understand these trends and be sure to discuss them now with their most financially vulnerable clients, and that includes high net worth clients.  It’s one of the most important insights attendees at this week’s Advanced Retirement and Estate Planning course learned at the CE Summits.  We share some of those insights with you now.  

The 2021 Federal Budget proposed to allow Canadian Controlled Private Corporations (CCPCs) to write off up to $1,500,000 of “eligible assets” per year if the assets were purchased between April 9, 2021 and the end of 2023.  However, when the legislation was introduced in Bill C-19 (but not yet  passed), the parameters had changed. 

Knowledge Bureau’s May CE Summit featured a review of the appropriate time to consider trusts in planning and in particular, spousal trusts.  The instructor presentation, led so expertly and enthusiastically by Carol Willes, MBA, LLM, TEP, underscored some important issues, discussed below in an excerpt from the Advanced Retirement and Estate Planning course, now available with the instructor-led presentations, for students who wish to study online. 

Did you miss the May 18 Virtual CE Summit? You can still sign up for the Advanced Retirement & Estate Planning Update Course and access the live speaker recordings from the event and save $200 on tuition.  Plus, don’t miss our next CE Summits this fall. Get the best pricing of the year: tuition pricing as low as $295 when you enrol to attend 4 events!  Get low rates on Team Member enrollments too! 

Best-selling author Doug Nelson, CFP, CLU, MFA™, RWM™, CIM, is a 27-year veteran of the financial services industry in Canada with a singular vision for his readers:  Don’t just “do” retirement…instead “Master Your Retirement”!  He wow’d the audience at the Virtual CE Summits on May 18, and he has some upbeat advice for those still worried about the one big question all retirees have. 

We have big news for you: a special incentive for new subscribers to Knowledge Bureau Report! Invite your team, colleagues, associates and others in your circle of influence to stay in the know and you will be entered for a chance to win a ballot to win any of the following prizes: