This Month’s Poll

Should the Old Age Security clawback start at a lower net income than the current $93,454?   

With the personal tax filing deadline behind us, now is the time for a second look—especially when it comes to medical expense claims and eligibility for the Disability Tax Credit (DTC). Many Canadians with disabilities, or those who care for them, may have overlooked or under-claimed important tax benefits during the initial rush to file. Post-tax season is the perfect opportunity to review, adjust, and plan for maximum tax efficiency going forward. One area worth special attention is the intersection of attendant care expenses and the DTC—a combination that, if not claimed carefully, can leave tax savings on the table.

Knowledge Bureau is proud to introduce new micro-credentials in Small Business Services through a new CE Mastery Program, designed to give business owners and their teams the financial confidence and knowledge needed to drive better outcomes — both in the business and in life.

The Knowledge Bureau News Network was vibrant last month, especially in the Knowledge Bureau Report Poll. Over 98% of readers who answered overwhelmingly were in favor of tax reforms and they had some great comments as well. Take a look:

Almost 100 years ago, notorious gangster Al Capone was finally caught in 1924 – on tax evasion charges. His “crime boss” days came to an abrupt end when he was imprisoned. Earning illegal income, it turned out, was taxable. That’s true in Canada as well. As tax professional what’s your process for uncovering and reporting this income? Consider the following:

Hudson's Bay has received a judge’s permission to auction off 4,400 artifacts and art pieces which includes the 355-year-old royal charter that launched the company.  Did you know that the buyer may qualify for a little-known donation tax credit if that property is subsequently donated to an institution of public authority designated by the Minister of Canadian Heritage?  This opportunity in fact should be incorporated as part of the high value professional discussions astute tax and financial pros can have with their clients in possession of such treasures. 

In a rapidly evolving tax and estate planning landscape, one topic has stood out for its complexity and controversy: Bare Trusts. These once quietly used tools for holding family cottages, minimizing probate, or preserving privacy have now found themselves under the microscope of new CRA reporting requirements.