Canada Needs a Financial Plan
According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim. This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future: retirements, education and homeownership. It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.Mark Your Calendar: Important Tax Milestones Coming Up
The next three months of 2021 are chocked full of important tax filing milestones. Be sure you help your clients mark their tax calendars and schedule a virtual or phone meeting with you. Here’s a handy tax milestones calendar from Knowledge Bureau.
Poll Results: CRA Should Cut People Some Slack
Given the financial stress people are under during the second wave, should governments suspend audit activities and waive penalties and interest in 2021”? That was last month’s poll question and an overwhelming 75% said yes. However, of those who said no, there were some strong words of disapproval:
Welcome to Pre-Registration for DAC Acuity 2021
In our 18th year, we are excited to officially welcome you to pre-registration opportunities to Knowledge Bureau’s annual strategic educational conference for professionals in the tax, accounting, bookkeeping, and financial services.
Groundhog Day Tuition Savings!
Canadian groundhogs may have mixed opinions on whether or not it’s going to be a long winter. But on a year that has often felt like we’re experience the Groundhog Day phenomenon, we decided to bring you our best sale of the year so far to ensure there’s something to celebrate – and you can still take advantage of this today! Take any two certificate courses for only $595 each (save 34%) – but act fast, as this promotion ends today! Use this proficiency guide for individuals and business training needs to select your next courses!
Temporary Relief for Claiming Child Care
There is exciting news for parents who have been prohibited from claiming child care expenses due to the existing definition of “earned income”. A new Form T778 issued on January 20, 2021 clarifies that CERB and EI recipients can indeed claim child care expenses. There is more good news for disabled employees, too. Here are the details:
When are Forgivable CEBA Loans Reported?
The Canada Emergency Benefit Account (CEBA) provided two loans to businesses that suffered revenue declines due to the pandemic. They amounted to a total of $60,000, with $20,000 forgivable, if the loan is repaid December 31, 2022. However, very few expected a 2020 income inclusion. Here are the rules:
