February Tax & Investment Planning Milestones
Here they are: the big conversation starters for your clients this month – something new for every demographic! Take the time to be proactive, especially because this year is a Leap Year and most important, because CRA starts processing the 2023 T1 returns this month! Tax season 2024, in other words, is officially underway!
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EOT: New $10 Million Exemption on Business Succession
February is the month to focus on retirement savings for a future of financial security. For business owners that is particularly important as they often have all their retirement eggs in one basket: the business. It’s not easy to sell a business and when the time comes, it’s important to know about the latest tax-advantaged succession option, which comes with a $10 million Capital Gains Exemption.
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Paper Returns: When Preferred, When Required
Processing a tax return will begin on February 19 and that’s also the date any paper tax return packages will be mailed. If you want to receive your return, refunds and Notice of Assessment faster, electronic filing is the way to go – and about 93% of Canadians chose that option last year. Aside from accessing the tax forms and line-by-line instructions immediately, CRA promises that processing an electronically filed return will take about two weeks, as opposed to 8 weeks for paper returns, according to CRA’s service standard. But in more than a dozen instances, paper filing is actually required. Check it out here:
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UHT Filing – Still Clear As Mud
Exactly who needs to file a UHT-2900 by April 30, 2024? Even tax pros are having trouble deciphering these complicated rules, and explaining them to their clients. Fortunately, Knowledge Bureau’s Advanced T1 Tax Update Course, now available online for tax training, has the answers and a handy conversation guide for tax accounting and financial advisors to share with their clients. Here’s a brief synopsis of filing requirements:
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It’s a Sweetheart of a Deal: Offers End February 15!
Share the love with your companion or team member and join us in the splendid aura of the arts in the charm of Montreal as you discover new ways to lead with impactful guidance at the Acuity Conference for Distinguished Advisors, November 10-12, 2024. Early-bird deadline: February 15. Save up to 25% on tuition when you register as a Delegate, Companion or Team Member! Plus, last chance to save on CE Summit Event passes before tuition prices increase.
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