Donation Deadline Draws Near

There is still time to give and save money: mark your calendar for February 28.  That is the deadline date to make cash, cheque, money order donations  to your favorite charity and claim the deduction on your 2024 tax return.

Canada’s Finance Minister is scheduled to release the Fall Economic Statement on Monday December 16. Knowledge Bureau will release a Special Report to inform you on the changes and in addition, based on our clients’ wishes we are announcing an expansion of our CE SAVVY Summit offering to accommodate tax training needs to accommodate the enormous volume of changes to forms and procedures expected throughout January, February and March.   

According to the 2025 Canada Salary Guide released by Robert Half, Competition is intense for skilled finance and accounting talent, and to compete businesses need to meet or beat market salary rates in order to retain professional staff with specialized in-demand skills. Many are training to upskill their existing staff in order to overcome technical skills gaps. Knowledge Bureau’s programs and courses leading to specialized credentials can help prepare business owners in the field with technical training their new hires need in tax and accounting.

Planning to attend Knowledge Bureau’s Advanced T1 Tax Update Tour online on January 15? Register now! All students who register by December 15 will receive a hard copy of this highly coveted hard copy reference book, affectionally known as the Knowledge Bureau’s  “Tax Bible” included in tuition fees thanks to the support of our sponsor Thomson Reuters! Learn more about our partner and the event details below:

How is the economy faring in Canada? The number of personal and business bankruptcies tells the story. Viewed through those lenses the picture in Canada in 2024 is not pretty. In fact, the rise in both bankruptcies and proposals year over year is alarming. What sectors were hit the hardest, and how does the current state of affairs impact the advice tax and financial advisors provide? First, let’s take a look at the numbers:

According to Statistics Canada, although we have seen an increase in taxfilers by about 6%, we have seen a decline in the number of donors by approximately 7%.  However, the good news is that the value of the donations, in dollars, has increased by almost 15% over a five year period.

Are more Canadians today looking at starting their own businesses? The answer is yes, according to 65% of the tax and financial advisors who answered last month’s poll question, even despite the economic uncertainty that surrounds small businesses today. However, many comments point to small business ownership being a side gig for those who need to supplement their income due to increased costs of living. Check out all the insightful comments below: