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STAY UP-TO-DATE WITH BREAKING TAX AND INVESTMENT NEWS.
A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
December 2024 Poll
Should the $250 Working Canadian Rebate be passed into law to provide tax relief to individuals with working net income under $150,000, who also contribute to the CPP?
Spousal RRSP Strategy: Leverage Your Tax Refunds
Are you making full use of the tax advantages available by investing in a Spousal RRSP? It’s a legitimate way to get a lucrative tax deduction in 2024, defer tax on income earned in the registered account, split income in retirement and in many cases, avoid clawbacks of income-tested benefits and credits. Yet the simple strategy of using a Spousal RRSP for all these benefits is often missed. Here are the basic parameters to share with your clients, who may wish to start by investing their tax refund.
Multi-Gen Family Life? Consider a Family Suite
The Boomers had long dubbed been dubbed the “sandwich generation”. But increasingly, Gen X and Gen Y are embracing the reality of multi-generational caregiving. University age children are still living at home well into their 20s – even 30’s. Elder family members have also thrived with caregiving by family members. With the affordability crisis, family life is redefining itself in Canada. That’s why tax and government assistance available for multi-gen family life is an important and hot topic. The last few federal budgets, including April 16, 2024 have promoted the trend to build secondary suites for these purposes with some tax breaks. Consider the following:
Capital Gains Complexity: It Could Affect Your Principal Residence
While the government has stated that the new capital gains inclusion rules will not apply to the sales of a principal residence, which qualify for a principal residence exemption, the reality is that there are some important exceptions. Consider the following and join us on May 22 for the CE Savvy Summit to have a peer-to-peer learning experience, earn 15 CE Credits and obtain access to a comprehensive Retirement and Estate Planning Certificate course and recorded presentations that cover the details.
Symbiotic Relationships: Free Tax Clinics & Tax Pros
Did you know that CRA has spent close to $9 million on its Community Volunteer Income Tax Programs? CVITP grants have been providing in 3700 funding agreements to community organizations that offer free tax clinics. There is a natural symbiotic referral relationship between certified tax pros and the non-for-profit volunteers, who must pass on more complex returns and returns for those with higher incomes. Knowledge Bureau can help by providing training at special rates to volunteers who wish to upskill with professional certification.
Take the Next Step: Deliver the Confident Advice Your Clients Need as an RWM
Are you ready to take the next step and help your clients experience financial peace of mind while recent budget announcements, inflation and more are weighing heavily on Canadian taxpayers. Delivering confident advice has never been more important! Take advantage of an exclusive Program Offer and save $500 on Real Wealth Management™ Program tuition until May 31. Experience the education first by taking a risk-free Orientation, which includes a recording of a live RWM™ round table discussion.
