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March 2025 Poll
In your view, has CRA improved its services to clients and tax preparers this year?
DAC Acuity 2023: Featuring a Tax Planning Powerhouse!
The 2023 Distinguished Advisor Conference (DAC Acuity) takes place November 12 to 14 at the beautiful Banff Springs Hotel. This year out line-up of thought leaders features a tax planning powerhouse…check it out and be sure to register by the June 30 early-bird deadline to save up to $900 on tuition.
Last Chance: Free Lunch & Bold Thinking!
Want to get your blood pumping and your imagination soaring about what the future of the tax, accounting and financial services might look like? This is your invitation to think boldly and re-imagine it! Please join the Society of Real Wealth Managers RWM™ for an open conversation about what’s holding us back in making transformational change on November 12 over brunch at the Banff Springs Hotel on the day the amazing 20th Anniversary DAC Acuity 2023 Conference begins (November 12-14th). Register by June 30 and lunch is complimentary for members.
2023 National Indigenous Peoples Day – Narrowing the Indigenous Wealth Gap
June 21st is National Indigenous Peoples Day, coinciding with summer solstice, the longest day of the year. It is a traditional time of celebration for many Indigenous communities, and a day for all Canadians to recognize and celebrate the unique heritage and diverse cultures of First Nations, Inuit and Métis peoples. However, acknowledging and supporting our Indigenous people must be a year-long initiative, especially if we want to see change towards equity, inclusion, and minimizing the Indigenous wealth gap.
CPP: Second Tier Rate Hike 6 Months Away
Both the CPP and EI contributions – which are mandatory – rose in 2023, reducing the take-home pay for employees. But cash flow erosion from these payroll taxes is only increasing: the second tier rate hike on CPP contributions is only 6 months away. That’s going to affect small business owners and higher earners, as well, who will each pay 4% more above the first earnings ceiling (YMPE) and up to the amount of a second earnings ceiling (YAMPE). Here’s what you need to know, as you council clients to clear up debt and accelerate RRSP/TFSA/FHSA savings in anticipation of these changes:
Tax Freedom Day in Canada: June 17
This year, Tax Freedom Day for Canadians fell on June 17, 2022, which is four days later than last year, and almost a full two months later than the US hit the same milestone on April 18. That means when you add tax and inflation together, Canadians have a more compelling financial issue than our neighbours to the South. For those reasons, working with tax and financial advisors is critical as there are many opportunities to save money on taxes and benefit from generous tax credits here in Canada. Professionals can make sure Canadians don’t miss out in these expensive times.
