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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.
March 2025 Poll
In your view, has CRA improved its services to clients and tax preparers this year?
Year-End Planning: Medical Expense Claims Important
Canadians spent $34 billion on prescriptions in 2018, and it’s no surprise that statistics show that older people consume more prescription drugs than the young. In fact, drugs are the second biggest expenditure in health care after hospitals. We also spend lots on doctors. It’s an important consideration for your Baby Boomer clients who will all be aged 65 and older by 2031, especially as a national pharmacare program will not be on the horizon until at least 2027. But, for this year, progress is being made on the new Canada Dental Care Plan. What’s important is to keep all receipts immediately. Here is an overview of what’s on the horizon:
CEBA Loan Extension: There’s a Devil in the Details
Business owners who received the Canada Emergency Business Account (CEBA) loan and have not yet repaid it will likely be aware of a small extension in the required repayment date. The loan was due on December 31, 2023 in order to preserve the forgiveness of a portion of the loan. The date is now January 18 or for those who are refinancing to make the payment, March 28. However, there is a devil in the details to pay special attention to: the December 31, 2023 deadline still applies for some. For others a missed interest payment could throw the forgivable portions offside.
Snowbirds - US Gift and Estate Taxes Going Up Soon?
The term "Snowbird" refers to a person who is ordinarily resident in Canada but spends part of the year in the U.S. There are a significant number of such individuals. It is estimated over a million Canadians travel south for the winter – mostly between the ages of 50-69 - to popular sunny states like Florida, Arizona, New Mexico and California as well as other sunny destinations in Mexico, Panama and Costa Rica. Many businesses cater to such individuals in Canada and in the foreign countries they visit and buy properties in. This is especially true of tax, legal and financial advisors, too, because there are costly tax traps to avoid.
November & January CE Summits: Get Up to Speed on the Latest Tax Changes
There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for investors and owner managers. Are you prepared to help? Take a duo of CE Summits with Knowledge Bureau this November and January and get the tools you need to help a variety of client profiles. Plus, you save on tuition with a Duo CE Summit Event Pass!
Earn New Specialized Credentials for Tax Season 2024
Now is the time to get ready for tax season 2024 by adding Distinguished Master Advisor (DMA™) to your own Specialized Credentials, or expand the talent in your office to grow your firm. Choose from 3 recommended Designation Programs.
