Tax- AdVise
726 Woodside Bay T4B 2W2 Airdrie, AB, Canada

We are happy to announce out new logo: Koda TaxAdVise. For the last 5 year, we have been working on growing out business with Koda Financial Architects ( investments and insurance, debt management and holistic financial planning), and with TaxAdVise being 10 years in business, a new logo to celebrate this milestone. Thank you to all our loyal clients, who have invited and referred TaxAdVise to their friends and family. We work hard to make sure you get the maximum of refund by asking you questions and providing you with guidance. Thank you for your loyalty to help this business grow. http://www.Facebook.com/taxesandmoney

Getting Ready for Tax Season - 2021 I hope you enjoyed your holidays and Happy New Year With 2020 being a very challenging year for many of us, there will also be many tax changes for the upcoming tax season....Continue reading

Income Tax Burdens Rise in 2020 by Evelyn Jacks It’s hard to believe but back in 1917 the average taxpayer paid $14 and personal income tax was 2.6% of all federal government revenues. But in 2020-2021, the $165 billion the government expects to collect from personal income taxes represents a whopping 57% of all budgetary revenues. This is a significant increase in reliance on the fruits of Canadians’ labour, even when compared to modern standards: 51% in 2017, for exampl...Continue reading

Top 5 reasons to make Koda Financial Architects your go-to final expense solution provider Simplified issue solutions with immediate coverage Whole Life coverage available up to age 85 Competitive pricing for ages 65 and over... Transportation and terminal illness benefit included Wide variety of solutions for clients with a medical history Call for more information and or a quote today. 403-980-7386 or book an appointment or PM us. We are hear to guide you.

Critical Illness Plans Why choose No Medical Critical Illness Insurance? We’ve unbundled cardiac and cancer conditions, making Critical Illness Insurance more accessible.... Clients diagnosed with Heart Disease or Diabetes can get Cancer coverage Clients can now choose to get both Cardiac and Cancer coverage Clients only pay for the coverage they choose, making their premiums more affordable Four plans that cover 8 major impairments and all are NO MEDICAL Cardiac Protect CI T75, Cancer Protect CI T75, Cardiac AND Cancer Protect CI T75, Cardiac OR Cancer Protect CI T20 or T75 Cardiac Protect CI plan is available to eligible clients who have a prior diagnosis of cancer For Cancer Protect CI in addition to cancer, we cover two more conditions: Benign Brain Tumour and Aplastic Anemia Cancer Protect CI plan is available to eligible clients who are diabetic, or who have had high blood pressure, stroke, TIA or heart attack Our Cardiac AND Cancer plan covers both the first AND the second event. This plan can cover cardiac conditions after a cancer event or cancer conditions after a cardiac event. Premiums are reduced to cover the second group of conditions (second event) after the first group of conditions (first event) have occurred and, are based on age at application vs. age reached at first event. No 24/24 Pre-existing conditions clause 1 Up to $100,000 of Critical Illness insurance protection is available depending on age and the plan your client qualifies for A simple and fast process only 6 questions for up to $24,999 lump-sum protection and an additional 2 questions for face amounts $25,000 and over Two premium bands: Band 1: Standard rates: $10,000 $24,999; Band 2: Preferred rates: $25,000 and over We don’t ask about previous decline history Return of Premium on Death (ROPD) rider is available on all our Critical Illness plans Guaranteed coverage to age 75 with premiums guaranteed in the first five years A variety of valuable Foresters Financial member benefits are available on many of our policies. (more) Competitive rates You can speak directly to our underwriters and they will be happy to answer any questions You and your clients can complete our No Medical Life and Critical Illness Insurance application process securely online and non face-to-face We take great pride in providing superior customer service at issue and after issue BOOK YOUR APPOINTMENT NOW TO GET YOUR PROTECTION YOUR DESERVE! DON'T WAIT UNTIL IT IS TOO LATE!

Had cancer? Now you can protect yourself with a critical insurance and life insurance: ask me details!

Today it is 4 months ago I started a business partnership with a reputable and successful MGA. Koda Finacial Architects was born. In those 4 months, we have worked with multiple Canadian families, coaching them on how to have finacial peace by addressing cash flow, expenses, savings, insurances, investments, debts... and now over 60 families sleep better at night, knowing where they stand and go. Also, Koda has expanded to 4 quality advisors; advisors who embrace KODA= Loyal companion, friend, the core of Koda F.A.We are now represented in BC, AB and ON, all with the same mission: making financial wisdom viral. Want to know more about us? Check us out: www.Kodafa.com To our clients and advisors: we have a lot of work to do, so help spread the word. Thank you.

Business Owners: Steer Clear of Trouble with CRA by Beth Graddon There are big penalties for businesses who don’t remain above board with the taxman. Fees paid to professional bookkeepers and tax accountants can be well worth it, as a self-employed taxpayer in the construction industry recently found out.... In September, the CRA resumed their crackdown on sole proprietors who don’t follow the rules. They audited a business owner from Alberta in the construction industry who intentionally under reported taxable business income by $573,563 for the 2011, 2012, and 2013 tax years. The business owner attempted to keep this income under the radar by operating a cash-based business to avoid creating bank records. No bank account was maintained, and financial transactions were conducted through a payday loan company, which included paying subcontractors with money orders and cashing client cheques. In addition, this revenue was under reported on GST returns, leading to a failure to remit $44,474 for the same three-year period. The consequences of these tax evasion tactics? A total fine of $157,403 and a 12-month condition sentence. Tax evasion clearly doesn’t paybut the evaders do! From April 1, 2019 to March 31, 2020 there were 32 convictions and 13 taxpayers sent to jail for a combined total of 18.5 years for evading a cumulative $7,427,090 in tax. The CRA also has a message for small business owners: claiming earned income correctly also ensures that businesses have access to benefit programs to which they’re entitled, including those introduced to deal with the effects of the COVID-19 pandemic. However, the CRA also cautions that ineligible claims for COVID-19 benefits can lead to repayment of benefit amounts and other penalizing actions. Bottom line: With the CRA resuming audit practices and new challenges being created by the pandemic reporting and eligibility requirements associated with the emergency response benefits available to businesses, it’s increasingly important that tax, bookkeeping and payroll professionals step up to proactively help their small business clients before year end. We have a specialized team to help you with your business taxes, gst and year ends. Contact us 403-9807386.

Need life insurance? Here you can check it for yourself and apply. If you have questions: of course, don't hesitate to contact me. https://getstarted.cpp.ca/home/48779

Having diabetes? Then protect yourself and your family.

CPP Premiums Rise in 2021, Competing for TFSA Savings Capacity Evelyn Jacks The Canada Pension Plan (CPP) maximum contributory earnings for 2021 and the new premium rate have both risen, adding another financial burden to both workers and employers as the new year approaches. With required premiums of $6,332.90, eclipsing maximum TFSA contribution room of $6,000, there may be little left to save for a tax-free retirement. Further, there are several other reasons why this ris...Continue reading

Money declutter ? Your hidden treasure.

Businesses - Tax information newsletter The Canada Revenue Agency is resuming additional activities in September: What businesses need to know Due to the Government's ongoing efforts to support Canadians through the COVID-19 pandemic, the Canada Revenue Agency (CRA) suspended many audit, collections and compliance activities, and committed to resuming them in a thoughtful and phased manner....Continue reading

Good News: Canadians’ Debt Ratio Drops and Savings Rates Increase Evelyn Jacks According to a September 11 report from Stats Canada, households increased holdings of financial assets and reduced non-mortgage and consumer debt during the second quarter this year. The household debt service ratio, which is the total obligated payments of principal and interest on credit market debt over household disposable income, had the largest decline on record. It dropped from 14.54% to 12....40%. Incredibly, there was only $1.58% of credit market debt for every dollar of household disposable income. But, is the good news temporary? There was also an increase in household disposable income of 10.8%, largely due to an increase in government support. When coupled with a decline of 13.7% in household spending, the savings rate in Canada increase to 28.2% from 7.6% in the first quarter of the year and 3.6% in the last quarter of 2019. Some of these positive results were, however, the result of government transfers to households to mitigate the effect of the pandemic on those individuals whose incomes dropped or were economically disadvantaged. Therefore, these good results may be temporarily positive. Importantly, relating to the threat of insolvency as uncertainty continues with the pandemic, the report points out: as payment deferrals and income replacement programs wrap up, consumer insolvencies are likely to increase to recession levels at the end of this year and into the next. Those clients affected by the unemployment rate, which the authors expect will take until mid 2021 to come back to pre-pandemic levels, are particularly vulnerable. This month’s transition out of emergency relief benefits has also brought with it big tax obligations: the payment of tax balances due for the 2019 tax year, together with quarterly tax instalments for June and September are due on September 30. Further, Canadians must start planning how they will pay their 2020 taxes given that CERB and other benefits received are taxable. Bottom Line: Despite the good job Canadians are doing in shoring up their balance sheets, there are some financial storm clouds on the horizon in the final quarter of the year. That makes the now a good time for tax and financial advisors to proactively kick-start new conversations to plan for a tax-efficient 2020 that includes proactive tax audit defence.

Many people have been let go from work during the shut down. So many people got paperwork about their pensions, group benefits and group RRSP’s. As a specialized person in these matters, I am offer complimentary advise on who to deal with your paperwork, pension etc. You can check me out: www.kodafa.com

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Having your finances in order gives you peace of mind to everything life throws at you. Contact us now.

Life Insurance Awareness Month: Misconceptions about price There are many misconceptions about life insurance who it’s for, who can afford it, and whether it’s really necessary. Young, healthy clients are often surprised at how affordable life insurance can be and how quick and easy it is to get covered.... 50% of Millennials believe the estimated yearly cost for a $250,000 term life policy for a healthy 30-year-old is $1,000 or more when it’s actually closer to $160 per year. Source: LIMRA

Do you have your financial house in order? Taxes, Protection, growing assets? Debt control? Identify yourself, and make an appointment now. In the last month, I have help over 15 families with peace of mind on their finances. Don’t you want that to? Even to have a review?

Small businesses are getting a one-month lifeline as the federal government extends its emergency rent relief program to the end of September. It will be the final extension of the Canada Emergency Commercial Rent Assistance Program as officials explore other options to support small businesses amid the pandemic. Spending on the project is on track to fall short of the nearly $3 billion budgeted for the program, according to the parliamentary budget officer. The government says more than 106,000 small businesses tenants have collectively received over $1.32 billion in aid so far.

The Covid pandemic forever us to think about the fact we are mortals. That also propelled the industry to ease up their standards for life insurance. So if you would like a quote, a plan , book it here , or pm me or call. Peace of mind is priceless.

CEBA extended to October 31st. Expanded to include more businesses. On August 31st, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced the extension of the Canada Emergency Business Account (CEBA) to October 31st, 2020. This will give small businesses 2 additional months to apply for the $40,000 loan. In addition, the Federal Government said it was working with financial institutions to make the CEBA program available to those with qualifying payroll or... non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account. Apply online at the financial institution your business banks with: TD: https://www.td.com//person/covid-19/small-business-relief/ Scotiabank: https://www.scotiabank.com//supporting-our-customers-is-ou BMO: https://www.bmo.com/small-business/financial-relief-loc/ CIBC: https://www.cibc.com//canada-emergency-/now-available.html RBC:https://www.rbc.com/covid-19/business.html National Bank: https://www.nbc.ca/fo/business/covid-emergency-account.html HSBC: https://www.hsbc.ca/1/2//applications/business-apply Canadian Western Bank: https://www.cwbank.com//canada-emergency-business-account- (via phone/email) https://ceba-cuec.ca/ August 31, 2020/in 2020 Only, Blog, Coronavirus, Coronavirus - Practice Owners, Debt /by Consulting

Remember the stock market crashing this March? I hope everyone had a professional to help manage your investments as The Dow Jones Industrial just closed above 29,000! My clients are happy that I manage their investments as they are well off!

Are you a business owner? Then I invite you to read this: One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. There are 5 standard methods:... Salary Dividend Shareholder Loans Transfer Personal Assets Income Splitting There are also unique ways utilizing life insurance and critical illness insurance to access your retained earnings. Please contact us to learn how we can get more money in your pocket than in the government’s. Book your time at kodafa.com and let’s keep your money in your pockets.

Many kids go back to school, but have we thought about the teachers that got them through the lock down? And now have to adjust to many regulations? So please if you know a teacher, let them know how much they are appreciated!

Many Canadian nurses and other employees no longer want to or can work in the States. Would it benefit you to bring your 401 K or IRa's to Canada? Let's discuss if that makes sense. Call 403-980-7386 or PM me or make an appointment on https://www.facebook.com/kodafinancialarchitects

Protect your income!

Better information about CRB ( new CERB)

So what’s next the to the CERB? https://www.canada.ca//supporting-canadians-through-the-ne

We reached in 3 weeks 200 on our Koda Page. I would love invite you to like our page to, if you are interested in financial news, tips, information. Koda Financial Architects . And the 1st phase of our website is ready to www. kodafa.com.

CERB coming to the end, taxes due CERB to EI: The Stakes are High Evelyn Jacks The final CERB payment period will end on August 29, leaving millions of people at risk of receiving nothing more and wondering what will happen next. Now that Parliament has been prorogued to September 23, a very uncertain fall lies ahead of many of them. However, government sources confirm that more information is forth coming before the end of this month on on how the CERB program will ...transition to EI. Tax, bookkeeping and financial advisors can identify clients at financial risk to have more proactive discussions about their options, especially as tax bills come due on September 30 for the 2019 tax year. But how do you do so? David Macdonald, a senior economist with the Canadian Centre for Policy Alternatives, put together the analysis below on August 10, and concludes the stakes are high in the switchover from the CERB to EI, which comes at a time when it is clear the pandemic and its related economic impacts are far from over. Without modifications, 82% of people receiving the CERB (2.9 million Canadians) will be worse off, receiving less from EI (than CERB) or nothing at all. Make an appointment to discuss what you options are.

CEWS Today’s proposed changes included in the Government’s draft legislative proposals would: Allow the extension of the CEWS until December 19, 2020, including redesigned program details until November 21, 2020. Make the subsidy accessible to a broader range of employers by including employers with a revenue decline of less than 30 per cent and providing a gradually decreasing base subsidy to all qualifying employers. This would help many struggling employers with le...ss than a 30-per-cent revenue loss get support to keep and bring back workers, while also ensuring those who have previously benefited could still qualify, even if their revenues recover and no longer meet the 30 per cent revenue decline threshold. Introduce a top-up subsidy of up to an additional 25 per cent for employers that have been most adversely affected by the pandemic. This would be particularly helpful to employers in industries that are recovering more slowly. Provide certainty to employers that have already made business decisions for July and August by ensuring they would not receive a subsidy rate lower than they would have had under the previous rules. Address certain technical issues identified by stakeholders. These proposed changes follow consultations with business and labour representatives on potential adjustments to the CEWS program aimed at ensuring that it continues to protect jobs and promote growth. By helping workers transition back to their jobs and supporting businesses as they increase revenues, these changes would ensure that employers have the certainty they need to hire back quickly as the economy improves and to best position workers and businesses for the future. The government continues to assess and respond to the impacts of COVID-19 and stands ready to take additional actions as needed to stabilize the economy.