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Update 99 to The Personal Financial Planner's Manual

Posted by David Gobeil on

We are about to issue an Update to the Personal Financial Planner’s Manual.

The Changes for this update are as follows:

3-02        Personal Tax Rates and Credits

 This chapter was written to enable you to calculate your income tax liability using the personal income tax brackets and rates, understand the difference between a tax deduction and a tax credit, understand the requirements for claiming the numerous personal tax credits and calculate the personal tax credits.

 This Chapter has been updated to include the 2020 federal personal income tax rates and credits.

 3-03        Taxation of Employees

 This chapter was written to enable you to understand the income tax treatment of the many employment benefits and the requirements for the deduction of certain expenses from employment income. The taxation of the employment benefit from use of a company car has been altered by the introduction of a reduced operating expense benefit.

 The Chapter has been updated to include current rates and examples; for mileage expenses and the deduction of contributions to the first additional pension under the Canada Pension Plan.

 3-10        Income Tax Compliance

 This chapter was written to enable you to understand how to comply with the filing and payment requirements of the Income Tax Act; be able to calculate the penalties and interest for failing to comply; understand how the Canada Revenue Agency enforces the Income Tax Act; understand how you would enforce your rights in dealing with the Canada Revenue Agency including the taxpayer relief provisions; and understand the consequences of a misrepresentation of tax matters by a third party. This Chapter has been updated to include current rates and examples.

 7-02A     Old Age Security

This chapter was written to enable you to understand the eligibility requirements for OAS, GIS, and Allowance benefits; the nature of the benefits provided under the OAS, GIS and Allowance; the impact of other income on the amount of OAS, GIS and Allowance benefits; and how to calculate the clawbacks of OAS, GIS and Allowance benefits. The Chapter has been updated to include current rates and examples.

 7-02B     Canada Pension Plan

This chapter was written to enable you to understand the eligibility requirements for CPP benefits; the three plans: the Base CPP, and the first and the second Enhanced CPP; how contributions to the CPP are calculated;  the CPP retirement benefits available, including early and delayed pension options; how retirement pensions can be shared between spouses/common-law partners; how CPP pension credits can be split upon divorce or separation; the CPP survivors benefits available; and the CPP benefits available to disabled contributors and their children. The Chapter has been updated to include current rates and examples.

 7-03A     Registered Retirement Savings Plans and Registered Retirement Income Funds

 This chapter was written to enable you to understand how to determine how much you can contribute to your RRSP and how much you can deduct on your income tax return; the consequences of over contributing to your RRSP; understand how funds can be transferred to a RRIF; understand how benefits can be obtained from an RRSP or RRIF; and understand the taxation of benefits from an RRSP or RRIF. The Chapter has been updated to include current rates and examples.

 7-03B     More Registered Retirement Savings Plans and Registered Retirement Income Funds

 This chapter was written to enable you to understand the benefits of a spousal/common-law partner plan; the attribution of income from a spousal/common-law partner plan; how much of a retiring allowance you could rollover to your RRSP; the advantages of a named beneficiary designation; and the protection from creditors available for your registered plans. The Chapter has been updated to include current rates and examples.

 7-05        Other Savings Plans

 This chapter was written to enable you to understand the nature and the income tax treatment of Deferred Profit-Sharing Plans, Unregistered Pension Plans, Retirement Compensation Arrangements and other deferred compensation plans. This Chapter includes the rules for Retirement Compensation Arrangements addressing refunds, prohibited investments and advantages. This Chapter has been updated to include additional material on Retirement Compensation Arrangements; and current rates and examples.

 7-06A     Pension Adjustments

 This chapter was written to enable you to understand how to calculate RRSP Contribution Room for a member of a pension plan. This Chapter has been updated to include current rates and examples.

 7-10        Post-Retirement Plan

 This Chapter includes a sample of a post-retirement plan, which has been updated.

 7-11        Retirement Savings Plan

 This Chapter includes a sample of a retirement savings plan, which has been updated.

 9-01        Quick Reference

 This Chapter has been written to provide you with a quick reference to the federal income tax factors, contribution limits for registered plans, prescribed interest rates, Canada Pension Plan contribution rates, Old Age Security benefits, automobile deductions and benefits, and the Consumer Price Index.

 The Chapter has been updated for the 2020 federal income tax factors, contribution limits for registered plans, prescribed interest rates, Canada Pension Plan contribution rates, Old Age Security benefits, automobile deductions and benefits, and the latest statistics on the Consumer Price Index.


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