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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.
January 2025 Poll
Do you agree with extending the charitable donations giving deadline to February 28, 2025 for the purposes of reducing taxes on the 2024 tax return?
Mental Health Awareness Month: Real Wealth Managers Can Alleviate Financial Stressors
Perhaps appropriately positioned after the April tax filing deadline, May is Mental Health Awareness month. Nearly 1-in-4 Canadians say money is their top source of stress, and the number of people who feel regularly stressed almost doubled following the pandemic. Good news: almost 1-in-2 Canadians seek advice from a financial professional and/or engage financial literacy to strengthen their financial knowledge, and that can help. Working with a Real Wealth Manager™ can be particularly effective. Here’s why:
Automatic Tax Filing: Answer to Low Benefits Uptake?
Did you know that about 10 to 12% of Canadians don’t file a tax return and they are missing out on potentially $1.7 billion in benefits? The government plans to make it possible for millions more to get their refundable tax benefits, without having to actually file a tax return. Two specific measures are targeted to meeting this goal in the March 28, 2023 federal budget, but will they achieve goals to increase uptake? Here’s what’s proposed for 2024:
CE Savvy™ Collection – Multi-Generational Wealth Planning
Multi-generational wealth planning is fraught with potential failure because it’s so hard to get everyone on the same page – mom & dad, the kids and the grandkids! But it’s possible with a multi-stakeholder process you can easily learn with our new CE Savvy™ Collection of five micro-courses! You too can learn how the process of objective-based planning and joint decision making can really move a Real Wealth Management™ plan forward, and bring huge value to clients who are struggling with how to best plan for the future. The five micro-courses are entitled:
Advanced Serious Illness Planning: Learn a Better Way
Here’s a sobering thought: when people get seriously ill, only 1 in 3 patients get the medical care that is right for them. This, according to Dr. Daren Heyland who will explain more in two important sessions at the May 24 CE Summit. Families are ill-prepared to make the life and death decisions they are called upon to make on the patient’s behalf and consequently, says Dr. Heyland, they suffer significant anxiety and stress. Things can get worse if the patient survives. If the person survives their serious illness but is left vulnerable and incapacitated, many families struggle to provide the best medical and personal care possible and end up quarreling about how to use the patient’s resources. The current ways of planning ahead for future illness are not working….but you can be part of the change.
Inflation Protection: How to Get the Grocery Rebate and More
The GST/HST credit system is being used to provide three inflation boosts recently, but late filers may be missing out. A one time payment arrived in November; then, on October 18, 2022, Bill C-30 received Royal Assent to double the amount of the GST tax credit eligible taxpayers were already receiving in January. Next, the Bill to enable the new Grocery Rebate, will pass. Money won’t be distributed until July 5, according to CRA. But those who don’t get their tax returns caught up will miss out on hundreds possibly thousands, of dollars. Details appear below:
