Update On Trust Tax Filings
On March 3, 2025 CRA issued an update on the confusing trust filing requirements for tax year 2024. What’s important to know is that when filing of the T3 return, and the T3SCH15 Beneficial Ownership Information of a Trust form is required, the deadline is coming up soon: March 31, 2025.RECESSION 2023: Almost 90% Of Your Clients Are Worried
The October Knowledge Bureau Report poll question asked: “Are your clients worried about a recession in 2023 and its effects on their financial status?” Overwhelmingly, the answer was yes, at 87.25%. This means there is a tremendous opportunity to connect with your clients for year-end tax planning and help them stay on plan, with tax efficiency. Advisors who participated from across Canada had these observations:
Cyber Security – Do You Understand the Risks?
Knowledge Bureau’s Privacy Principles in Business certificate course is designed to help business owners manage today’s critical privacy risks with key tools to implement best practices with the least disruptions. Consider the amount of confidential personal information you are privy to in conducting business with your clients. Do you understand the risks associated with holding and using this personal information?
Financial Literacy Month: Introducing the New CE Savvy™ Courses
This month is Financial Literacy Month in Canada. “Financial literacy is defined as having the knowledge, skills and confidence to make responsible financial decisions,” says Evelyn Jacks, a member of the Federal Task Force on Financial Literacy. “It’s a critical life skill especially in these financially challenging times.” For these reasons, Knowledge Bureau is pleased to introduce a new series of short courses to help professionals and their clients untangle today’s complex financial issues: the CE Savvy Biz Ed™ and CE Savvy PD™ courses. “
Highest Indexation Rate in 40 Years: 6.3% for 2023 Personal Amounts
Federal tax brackets and personal amounts are indexed annually based on changes to the consumer price index (CPI), but indexing lags inflation by nine months. So, although inflation is running near 7%, 2022 tax brackets and personal amount are 2.4%. However, 2023 brackets and personal amounts will be indexed at 6.3% based on the average CPI changes from October 2021 to September 2022. This is the highest indexation rate in 40 years.
With Higher Inflation, How to Alleviate Some of the Pain?
This is Part 3 of a series of 3 articles. In Part 1 we started by discussing the common measurements of inflation and introduced some of the major causes of inflation. In Part 2, we discussed monetary and fiscal policies that are affecting inflation. In Part 3, we will discuss strategies that we can use to help alleviate some of the pains from rising prices.
Competitiveness in Canada: Growing Our Way Out of a Recession
Your clients may wish to understand how poised their investments are for success in the short term, and that may involve a discussion about the competitiveness and the growth of the Canadian economy. How competitive is Canada and why is that important as a recession looms in 2023?
