Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

Knowledge Bureau is pleased to announce that TaxCycle will be joining us again as a technology partner in our fall Virtual CE Summit events including the next online workshop and course on September 23, 2021 which will focus on a relevant post-pandemic topic: Audit Defence in Compiling Financial Statements, GST & Payroll. Within Knowledge Bureau’s new Virtual Auditorium, attendees will have the opportunity to interact with TaxCycle in the Auditorium Hall.  Here’s a sneak preview of what you’ll learn as you pop into their booth at  the event.

Most tax-related amounts are adjusted annually, but each quarter two rates are determined and adjusted if required.  In spite of the economic slowdown caused by the pandemic, inflation has actually picked up. 

In case you missed it during a busy tax season, the Disability Tax Credit (DTC) was enhanced in the April 19, 2021 budget and now, after the tax filing deadlines have come and gone, it’s important to revisit with your clients whether someone in the family qualifies for the new and improved DTC in 2021.

Watch what you say when it comes to transfer pricing, oral interviews with auditors, and related tax planning.  These distinct topics came face to face in the dramatic court saga, which was Cameco Corporation and Her Majesty the Queen (“Cameco”).

Semi-annual payroll changes are implemented when announcements are made after January 1 that affect payroll deductions for income tax and statutory deductions.  This year, no federal tax changes have been announced that affect payroll and only one province has announced a change that will affect provincial tax calculations.

Congratulations tax pros!  You got through the June 15 tax filing deadline for proprietorships but there are a few more important deadlines to note, one for tomorrow June 17.