Retirement Planning: Should I Defer the OAS?
We know that taxpayers who turned 65 in 2022 will have some new tax filing nuances when preparing the 2022 tax return this spring. They may qualify for the Age Amount, for example, and, unless they chose to defer their OAS, they’ll be reporting that income for the first time. But will they be subject to a clawback? There’s lots to talk about this tax season. Here’s an overview of potential conversation starters:
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Do You Need CE Credits? Take the CE Savvy™ Collections
Last week, The Financial Services Regulatory Authority of Ontario (FSRA) sent an important reminder to Life Agents in the province to complete CE requirements or they may face regulatory action. It’s an important reminder for all industry professionals to get onside with CE now – and Knowledge Bureau has a great new educational solution: The CE Savvy Collections, which are Accredited with KB, Insurance Councils, Advocis and FP Canada.
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Meeting of the Minds: 360 Degree Trigger Tour, March 22
Economic uncertainty, war, inflation, rising interest rates, market volatility and looming tax change – all have led to significant financial triggers to keep Real Wealth Managers on their toes. How can one person ensure that their client's holistic wealth plan is maximizing Real Wealth (sustainable inter-generational wealth after taxes, fees and inflation) when so many triggers occur at once?
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Coming Soon…Canada’s Most Up-to-Date Personal Income Tax Course!
Keep an eye on your email for your VIP access to enrol in Canada’s most-up-to-date income tax course…coming soon from Knowledge Bureau. This is a great course on personal taxation if you are new to the business as well as a solid refresher for experienced professional tax accountants. Learn the fundamentals of T1 income tax preparation and planning in this course as well as what has changed and what is coming for the next tax year. Today, we’re giving you a sneak peek...
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Big Tax Cuts: A Seismic Shift in Manitoba
Provincial Budget Season continues, and while the Yukon Territories had no new income tax measures to announce on March 2, Manitoba made a seismic shift, introducing significant personal tax cuts in their March 7 budget. Specifically, the Basic Personal Amount increased 38% to match the federal amount of $15,000 in 2023. If passed, the budget will bring inflation-fighting relief to Manitobans who will see reduced withholding taxes starting July 1. Further, tax brackets will move up 27.5% in the lowest tax bracket and 25.5% in the middle tax bracket in 2024. Details below:
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