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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?
Tax Filing Season Begins, and Other Notable Milestones Coming Soon!
The tax filing season officially opened on February 21 for e-filing 2021 returns, while February 28, 2022 will be the opening day for filing T3 returns electronically. The deadline for most Canadian filers is Monday, May 2 as April 30 falls on the weekend this year. As pros in the tax, accounting and financial services industries gear up for a busy season, there are other important tax filing and investment planning milestones to take note of, too. Here’s a handy checklist to share with your staff and clients:
The Limits of Tax Planning – Intention is Not Everything
Did you really intend to make that claim on your tax return? Intention is an important consideration when filing a tax return, especially if your client transacted in what is known as “grey areas”. In other words, it’s not good enough just to report the numbers on the return; you’ll want to document the reasons for them too, especially if you are a small business owner. Here’s why that’s important to your clients’ appeal rights down the line and why you need to get their help to document the facts properly.
Return of Fuel Charge Proceeds to Farmers
In the 2021 Federal Budget, the government promised to return fuel charges to farmers in Ontario, Manitoba, Saskatchewan, and Alberta. The form to apply for this credit (T2043) has just been released, and the government has indicated that the refundable credit should be claimed on the new line 47556.
Rates for Distance Claims Using the Simplified Method Released
We were spot on! The simplified per kilometer rates for medical and moving expenses for each province were announced by the CRA mid-February, and they jive with what we taught attendees a month earlier during the Advanced Tax Updated at the January CE Summits. Here they are and details on when you would use them. Although, you do not need to keep detailed receipts for actual expenses if you choose to use the simplified method, the CRA may still ask for documentation to support your claim. Keep track of the number of kilometres driven during the tax year for your trips relating to medical travel (that is, when you must leave your home to receive medical treatments at least 80 kilometres away). You can also use this method in claiming travel expenses relating to your moving expense claim and for the purposes of the northern residents’ deductions.
You’re Invited: Lesson 1 - Introduction to Real Wealth Management
Are you interested in enhancing your value proposition and broadening your client service offering? Amplifying your referrals? Becoming a more holistic wealth advisor? Then you may be interested in learning more about the Real Wealth Managers RWM™ Designation – a new designation that differentiates collaborative financial leaders in the marketplace. RSVP now for a complementary virtual Lunch & Learn on March 2 at 12 PM CST!
