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According to Statistics Canada, this Consumer Price Index (CPI) rose 3.3% year over year in July; this follows a 2.8% increase in June. What were the key contributors to the rise in inflation? It was the price at the pumps, groceries and mortgage costs. And while inflation is expected to come down – perhaps two years from now amidst a lot of uncertainty – it’s a big wealth eroder for those retiring in this cycle. It’s an opportunity for tax and financial advisors to work together with their clients.
Moving before the fall? You will want to be sure you let CRA know to continue to receive important tax credits to help offset inflation. There’s a form for that; on paper or online. You will also want to familiarize yourself with the T1M Moving Expense Form to understand the kinds of expense receipts to keep and find come tax time. The deduction can grow to five figures quite easily. Both forms require some tax knowledge to complete properly.
It may be difficult to remember a time when the exchange rate of the Canadian dollar to foreign currencies, especially the U.S. dollar, was lower than it currently is. The Bank of Canada has a great chart of help you track the changes. For taxpayers and their advisors, it’s important to track them to determine if a capital gains tax consequence has been triggered during the year. This can happen when foreign currency, once exchanged, produces more Canadian dollars, over the original sum exchanged. There are some interesting tax rules to consider in these cases.
Looking for other ways to mix and mingle with DAC attendees, trade best practices, and have some serious fun in Banff? Check out these additional activities and sign up soon through the DAC Interactive Agenda, as spaces are limited! If you haven’t secured your seat out the conference, be sure to do so by the September 30 early-bird deadline for best tuition rates!
It’s back to tax school time and that means shoring up on tax knowledge for the 2023-2024 tax filing seasons, but also to mark your calendar for important milestones to meet CRA fall filing requirements. To help, here are the Knowledge Bureau Report’s Fall Financial Calendar Checklist: