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.   

There are three secrets to building a brand:  knowing your story, building a network, and sharing that story with your network.  On May 26th, we are giving you an exclusive opportunity to do so with a national networking opportunity. But there is one catch:  you will need to be prepared to have fun and build your professional connections.   

Doug Buss, RWM™ shares why he loved the RWM™ Designation program:  "It was a wonderful revitalization of the value that we are bringing to our clients." Get to know more about Doug, a Winnipeg native and outstanding sax player, too!

The April 19, 2021 Federal Budget is noteworthy for its length –731 pages in all –and its capacity to introduce billions of dollars of spending,while at the same time increasing tax complexity for individual filers. It also significantly enhances CRA’s digital footprint with new broad-based electronic filing measures. In introducing the measures, the government will focus on several key economicand social prioritiesincluding the national rollout of a $10-a-day childcareprogram and a $15 per hour minimum wage in the federally regulated private sector.

Unincorporated business owners, including gig workers, have until Tuesday June 15 to file their T1 returns without penalty. The government has made it clear that late filing penalties will be applied this year; that happens when you have a balance due as of the filing due date. However, will there be flexibility on interest charges? Yes, but not in every case and business owners must pay attention to this. 

Nearly 56% of Canadians have yet to file their tax returns, according to CRA’s April 12 processing statistics,  so there is a lot of work left to do for the tax filing community.  We’re also seeing some new trends:  with over 13 million returns processed, average refund are down and so are average balances owing.

Be sure to ask your self-employed clients for the details behind all the new tax provisions they may need to address on their 2020 tax returns. Here are seven issues you will want to discuss: