The Knowledge Bureau Network: Decline in Life Expectancy is Eye Opening
Statistics Canada has reported Canada’s largest drop in life expectancy since 1921 – a seven-month decrease. It is an eye-opening study that brings to mind the importance of new conversations about medical, disability and estate planning during the busy tax season, especially for younger people.
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Inflation Tax and Indexing
The annual inflation rate rose to 4.8% in December 2021, yet many Canadians who have never experienced inflation in their lifetime, may wonder, so what? Over time, as one soon notices, inflation can significantly reduce the real value of Canadian savings and purchasing power. When the computation of taxes or benefits are not fully indexed to inflation, there is also a real, but hidden, inflation tax. Here’s how to plan for it:
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Staycation Tax Credit: Ontarians Get Reimbursement for Vacation Costs
Ontario residents reconsidering international travel plans this year due to the pandemic now have even more incentive to explore destinations closer to home – specifically within the province – thanks to the newly introduced refundable Staycation Tax Credit. The tax credit reimburses 20% of eligible accommodation costs, up to a maximum dollar amount. It’s a tax incentive other provinces may want to pick up on to spur on home-based tourism. Here are the details:
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Refunds for the Tax Season 2021 will be Lower in 4 Provinces
One of the many changes for this tax season 2022, is that 2021 tax refunds will be lower for thousands of taxpayers that qualified for the “Climate Action Incentive” (CAI). Prior to 2021, the CAI was a refundable tax credit similar to the Canada Workers Benefit or the Canada Training Credit. In all these cases, these credits constituted a tax-free cash benefit that either increased a tax refund or reduced the net tax liability for taxpayers.
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Canada’s Leading Advanced T1 Tax Update Course: Now Available for Online Learning
Don’t miss this opportunity to take Canada’s most up-to-date and comprehensive Advanced T1 Tax Update Course for Professional Tax Accounting firms and their new and returning staff who will file 2021 T1 Returns. This is Canada’s #1 tax training program for busy practice owners who need to recruit and train staff in time for this tax season. No travel, no time zone issues, available 24/7 online with outstanding expert instructor-led presentations and support. Leave the training to Knowledge Bureau to make sure you are ready for the busy season, at a special time-limited fee, too.
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