It was an insightful opportunity to join with our member firms from around the globe at our international conference in Dubai. Kreston Menon was a welcoming host, showcasing The Kreston Way of commitment of trust and confidence that we foster with our clients and partners around the globe.
As a proud member, Kreston GTA extends a heartfelt gratitude to the Kreston Global Team and Kreston Menon office for hosting the recent global conference in Dubai. Your team’s exceptional organization and hospitality made the event a resounding success. The seamless coordination, attention to detail, and the warm welcome we received was truly amazing.
The choice of Dubai as the venue added an extra layer of cultural richness and diversity to the event. The city’s vibrant energy and world-class facilities made our stay enjoyable and memorable.
Appreciation for the strategic insights provided by Liza Robbins, Chief Executive – Kreston Global, Rich Howard – Chairman of Kreston Board, and Sudhir Kumar – Director of Kreston Global Board & Kreston Middle East Chair, staying true to the Kreston Way.
News and Insights
Making Dental Care More Affordable?
November 8, 2023
Sector:
The interim Canada Dental Benefit is a recent initiative by the Canadian government aimed at reducing dental costs for eligible families, particularly for parents and guardians of children under 12 who do not have private dental insurance and whose family income is less than $90,000 annually. This program is intended as part of the government’s effort to address gaps in dental care, acknowledging that a significant portion of Canadians—about one-third—lack dental insurance and thus are more likely to forgo dental care due to costs.
However, a further look at the program highlights potential gaps and inequities, particularly the concern that the program’s design may not be responsive enough to changing financial circumstances, such as job loss or family separations.
We’ve seen this a lot from the government lately, most notably with rushed COVID programs. A quick and often uninformed program, that is complicated to understand eligibility and/or apply for. Furthermore, the requirement for families to first apply to other plans and face potential rejection before qualifying for federal support is seen as a cumbersome process that delays access to benefits. There is also confusion regarding eligibility for additional payments, which complicates the verification process and may lead to repayment demands from families who cannot produce the required documents.
One of the more pointed criticisms is that individuals already on a health plan may not be eligible, given the stipulation that the child’s dental care cannot be covered under another plan. This will likely create confusion and potentially discourage those who need the assistance but are uncertain about their eligibility due to existing coverage.
Then there’s the headache for payroll administrators. The implementation of this benefit will necessitate updates on reporting requirements for T4s and T4As, that now must gather each recipient’s dental coverage details and report the type of coverage on their T-slips. But dop they even have access to this information?
Eligibility for the benefit is contingent on families receiving the Canada Child Benefit, and they must have filed taxes for the previous year. The benefit is calculated based on the family’s net income, with a maximum of $1,300 available over two years per eligible child. Applications can be made through the Canada Revenue Agency’s My Account system (which itself has difficulties accessing), and there is a dedicated phone line for those who cannot apply online.
The need for improved dental care access is underscored by statistics showing that a lack of dental insurance is a widespread issue in Canada. Over one-third of Canadians have reported not having any dental insurance, with a significant number avoiding dental visits due to cost concerns, highlighting this necessity of such government initiatives. The disparities are even more pronounced among various equity-seeking groups, indicating a broad spectrum of need across the population.
Individuals were first able to apply for the Canada Dental Benefit starting from the opening of the application portal by the Canada Revenue Agency (CRA), which coincided with the legislative passage of the benefit. The first benefit period for dental care was between October 2022 and June 2023, during which eligible families could apply for up to $650 per eligible child.
There is no impact on taxes related to this application, so in theory, it can be applied for without the assistance of professionals.
News and Insights
Government of Canada extends deadline for homeowners to file their Underused Housing Tax return
November 2, 2023
Sector:
Not to worry!
After all the stress put on Canadian’s holding residential real estate, and the hefty penalties for not meeting the October 31 filing deadline, the Government of Canada has once again extended a deadline at the last moment, this time the day it was due! extends deadline for homeowners to file their Underused Housing Tax return.
Homeowners affected by the Underused Housing Tax (UHT) will now have until April 30, 2024, to file their returns for the 2022 calendar year without being charged penalties or interest.
Government’s Mandate: The Canadian government introduced the UHT to stimulate residential real estate development and address the housing crisis. The program is to allow for individuals and corporations to contribute to alleviating the housing shortage by promoting the efficient utilization of residential land.
Late Filing Penalties: Late filing or non-compliance with the UHT can result in substantial penalties, at least $5,000 for individuals, and $10,000 for corporations, for each residential property. The penalties are structured to ensure corporations adhere to the timeline and the guidelines set forth by the government. This could significantly impact the financial standing of the corporation.
Compliance Challenges: Adhering to the new tax requirements can be complex, particularly for corporations holding multiple undeveloped residential real estate properties. The challenges may include accurate documentation, timely filings, and understanding the intricacies of the UHT guidelines.
Kreston GTA: Your Compliance Partner: Engaging a CPA can significantly alleviate the compliance burden. With a complete understanding of the UHT, CPAs can guide corporations through the filing process, ensuring timely submissions and accurate compliance.
Please contact us if you are unsure of whether you need to report and file UHT. Assessing your position will be straightforward and keeping compliant will relieve the burden of unnecessary penalties.
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