Roadblocks Removed: Financial Planning for Seniors & Disabled Canadians
Financial planning for critical long-term care and disability has been a complex process for advisors in Canada. But a recent Supreme Court of Canada (SCC) decision regarding whether the absolute discretionary trust (Henson trust), which is designed to protect a disabled person’s assets, brings national clarity to the issue of whether or not this estate-planning tool can impact a disabled person’s eligibility for other benefits and credits.
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Resounding Success: Inaugural Vantage Series Event
Together with our partner, The Investment Industry Association of Canada (IIAC), Knowledge Bureau is very pleased to report that our inaugural Vantage Series Event, held on May 9th at the National Club in Toronto, was a resounding success. Read on to find out why, and mark your calendars for the next Vantage event on October 31.
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Graduates in the News – Paula Baker, DFA-Tax Service Specialist™
Paula Baker has been working in the tax service industry since 2005. In 2010, she opened her own Liberty Tax franchise, and later pursued her DFA-Tax Services Specialist™ designation with Knowledge Bureau, after selling her franchise to work from home. Even with a wealth of experience she chose to enhance her education, because: “When I first entered the world of taxes I quickly realized that knowledge was important. Taxes are complicated, and Knowledge Bureau allowed me to expand my knowledge which, in turn, allowed me to support and guide my clients in the right direction. I worked through the courses and now have my designation.”
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A Disconnect? CRA Consultation Launches at the Height of Tax Season
On April 23rd, the height of the rush to the April 30 filing deadline, the CRA launched an online public consultation, requesting feedback on service improvements. Worse, the feedback period closes on June 18 and that’s only one day after the June 17 proprietorship filing deadline. It would appear to be unfortunate timing considering professionals file 58% of all returns.
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A Million T1s Filed After April 30 and More to Come
According to the CRA’s 2018 tax season filing statistics released this week, just over a million returns were filed in the week after April 30, with a total of 26,210,167 received so far this season. But, considering CRA accepted nearly 30 million returns during the 2017 tax season, there’s no time for tax pros to put up their feet just yet.
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