Claiming Medical Expenses: Free Healthcare?

Free Health Care? Did you know that Canadians spend on average more than $1,000 on medical expenses each year? It’s estimated that government programs, via our taxes, cover about 72% of medical expenses, which means that we pay for the rest. Your clients may be over-paying on their taxes because they don’t know about medical expense deductions. 

This year’s thought leaders will be taking the stage at DAC Acuity 2022, October 16-18 in Niagara Falls to discuss the theme “Velocity: How to Gain Momentum in the New Economy”, as we move into a crucial time that requires defining new realities and taking new financial strategies with clients in the ever evolving new economy. Learn more about the speakers and their topics you can’t miss! RSVP now, and take advantage of early-bird tuition rates – only until August 31.

In the digital era of networking and cyberspace, establishing ethical standards for privacy is especially urgent.  The collection of your client’s very personal and financial information, usually through electronics has brought privacy to the forefront of everyone’s mind.  The people submitting the information and those collecting the information should be extremely concerned about privacy protection and compliance. 

Professional advisors and charity professionals all focus and spend time in our individual specialty areas. On June 23 at 12 PM CST/ 1:00 PM EST, let’s spend some time discussing how these professionals can work collaboratively to enhance the client/donor experience with panelists MFA-P™ alumni Candice Jay and Aneil Gokhale. RSVP now for this complimentary MFA-P™ Discovery Seminar.

Prescribed interest rates are about to rise for July 1 to September 30. One interesting and potentially beneficial financial strategy to grow the family’s wealth is to draw up an interspousal loan.  The time to draw up the paperwork and lock in the current 1% prescribed rate is before the end of the month - June 30.  Taxpayers who owe money to CRA will want to pay up before then too.  Here are the details: 

Unincorporated taxpayers must file their personal tax returns by June 15 or face late filing penalties.  However, there are many more reasons to file than just to report and pay your taxes.  Here’s a rundown of the obligations:

Estate planning discussions are always difficult, but these days, perhaps even more so.   That’s why tax and financial services providers must pay attention to new trends; notably, that young people – who are to be engaged as the primary stakeholders in wealth transfers –  have experienced a significant drop in hopefulness.  A recent Statistics Canada study concludes that future research could be done to better understand the potential implications. But DAC Keynote Speaker and new author Dr. Brett Wray has done some important research of her own and has a critical, urgent message:  intergenerational power and wealth will not fix the underlying malaise.  Find out more, below; reserve your spot at DAC now.