Thought Leadership: Five Tips on Building Team Culture

For many organizations – especially those in the tax and financial services – now is the time to build team culture in advance of a busy season of client interaction. Success of the team depends on so many factors including the right skills, processes and evaluation. For leaders of the team, there are five essential steps to building team culture in good times and bad. So just how do you build a team culture that accomplishes maximum participation towards a […]

Changes Coming to Trust Filings

The CRA has been provided funding of $79 million over a five-year period, and $15 million on an ongoing basis, to support the development of an electronic platform for processing T3 returns. The goal: to address the government’s concerns about “significant gaps” in trust filing. By the year 2021, there will be new requirements for filing trust returns, and advisors in tax and financial services will need to come up to speed on this issue. Specifically, certain trusts (including some […]

Helping Seniors: 10% Fail to Receive GIS

According to Statistics Canada*in 2016, 4.9% or 289,000 of 4.9 million seniors in Canada were living in poverty. Yet, more than one in ten seniors who are eligible for the Guaranteed Income Supplement (GIS) didn’t receive it in 2016-17. This is a big concern because, in fact, the number of seniors living in poverty is on the rise. So what’s the problem? The Guaranteed Income Supplement (GIS) is designed to assist low-income seniors. Unfortunately, the government says many low-income seniors […]

Getting the New Climate Action Incentive Rebate Right

Canada now has anationwide standard for reducing carbonpollution, which means that starting in 2019, a federal “backstop” carbon pollution pricing system will apply to four provinces – Saskatchewan, Manitoba, Ontario and New Brunswick – that have not implemented their own systems. For taxpayers in these provinces, a new refundable tax rebate will be claimed on the 2018 tax return. But, like most tax provisions, it has its wrinkles. The majority of the charges collected from a fuel tax that begins […]

The Tax Refund: Friend or Foe to Wealth Management?

The Statistics Canada’s Individual Income Tax Report*released on January 8, highlighted just how much Canadians are being over-taxed by the CRA. With average tax refunds coming in at $1,757 for the 2018 filing season, many taxpayers are effectively providing the government with interest-free loans of approximately $150 per month for up to 16 months before they see their refund. Just how much is that really costing you? Consider this: $150 a month could help you take advantage of investment opportunities […]

What Else Is New in 2019? Auto Expense Deduction Changes

Did you check your odometer reading at the start of the year? Finance Canada confirmed its 2019 auto expense rates on December 27, but they don’t quite measure up to cover the carbon taxes that increase the cost of driving, including the increased gas prices as of January 1. Those who use passenger vehicles for business will be disappointed that their write-offs haven’t changed at all, unless a new vehicle was purchased after November 20, 2018. Here are the tax […]

Get Ready for 2019: Six Great Tax Moves and Audit-Busters

These tax tips have been excerpted from Evelyn Jacks’ Essential Tax Facts: How to Make the Right Moves and Be Audit-Proof, Too,which has been fully updated with the information your clients need to know when filing their 2018 taxes. It’s not too late to give Canadians the gift of financial literacy this holiday season – and shipping is free!  Game-Day Tax Strategies Be sure to adjust your prior filed returns for errors or omissions before the end of the year, […]

Educate Your Clients: Six Essential Tax Tips for 2019

Share the gift of education with your clients this holiday season! By discussing the six essential tax tips your clients need to know for 2019 and beyond, you can help Canadians become more informed on the tax-efficient decisions that will improve their financial health in the new year. KBR’s top tax tips have been excerpted from Essential Tax Facts: How to Make the Right Moves and Be Audit-Proof, Too,which has been fully updated with the information your clients need to […]

Shopping Spoiler Alert: Canadians Aren’t Saving Enough

In the holiday spirit yet? This news might dampen it: on Friday November 30, Statistics Canada released a report on GDP, income and expenditure for the third quarter of 2018. The big news? In 2018, Canadians have had the worst household savings rate on an annual basis since 2005, averaging only 1.4% over the past year. For the third quarter of this year, the household savings rate was a mere 0.8%; the lowest quarterly level since early in 2017. There […]

Donation Controversy: Tax Relief for Media

Last week’s Fall Economic Statement featured updates to Canada’s economic outlook and corporate tax changes, specifically, the Capital Cost Allowance measures. However, the Finance Minister also proposed a controversial $595 million package to support Canada’s media sector, including tax breaks for those who subscribe to some online media outlets. Speaking on November 21 to his support for journalism in Canada Morneau said, “We’ve made some investments to ensure that we continue that we have an important free press and to […]