October 1 - Important Changes Coming to VDP
Effective October 1, 2025, important changes will be made to the Voluntary Disclosures Program (VDP) at the CRA in order to make it easier for taxpayers to correct unintentional filing errors or omissions. The details on how the changes will affect your clients are being discussed in the CE Summit held September 17 and this course is now available for online enrolment and CE accreditation, after the virtual event. Here are some highlights of the changes.Surprise Reporting Requirements: CEBA Loan Forgiveness
Hundreds of advisors from coast to coast were caught off guard at Knowledge Bureau’s January 20 CE Summit with the news that the forgivable portion of the CEBA loan is taxable when the loan is received.
Taxation of Employer-Provided Benefits to Change in 2021
The pandemic has wreaked havoc on personal and business lives and continues to do so. Those in the bookkeeping and tax accounting services will need to digest and properly report various pandemic relief provisions including the new detailed information required on new T4 Slips – requirements for all employers, by the way.
TFSA or RRSP?
It’s officially both TFSA and RRSP season. Both plans are a tax-assisted gift to future financial freedom and based on recently released 2018 CRA statistics, Canadians have embraced their TFSA opportunities. What’s particularly encouraging is that it’s a savings plan both Millennials and GenXers have embraced; an important consideration for tax and financial advisors who want to add value to these relationships.
The January 20 CE Summit ‘Wow’ Factor
Esteemed Canadian tax experts delivered cutting edge personal tax filing information with a “wow” factor punctuated by huge audience participation at the Virtual CE Summit this week. Over 700 questions were received from an audience of over 350 professionals nation-wide – the largest one-day participation yet. Here’s what they said about the important tax and financial insights shared:
Tax Implications of Separation & Divorce
Will separations and divorces increase due to the pandemic? Unemployment can be a factor that leads to a spike in separations and divorces; as a result, tax and financial advisors need to understand the tax rules if they see this trend in the 2021 tax filing season.
Congratulations to our CE Summit Prize Winners!
We love to celebrate the scholastic achievements of our designates at Knowledge Bureau, and to wrap up yesterday’s Virtual CE Summits we dished out some prizes to two lucky winners. Please join us in congratulating them and check out what they won!
