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STAY UP-TO-DATE WITH BREAKING TAX AND INVESTMENT NEWS.
A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
January 2025 Poll
Do you agree with extending the charitable donations giving deadline to February 28, 2025 for the purposes of reducing taxes on the 2024 tax return?
Higher Volumes, Complexity Highlight Tax Season 2021
The latest key tax filing statistics for tax season 2021 - February 9 to May 25 – show more tax returns were filed than last year without the benefit of tax filing deadline extensions. As tax season 2021 now closes in on the June 15 proprietorship deadline exhausted tax specialists and highly involved financial advisors, will need to continue the pace for five specific reasons:
PBO vs Federal Budget: Bigger Deficit, Slower Growth
The Parliamentary Budget Officer (PBO) released a post-budget economic and fiscal outlook last Thursday, on the same day the April 19, 2021 budget passed its second reading. It was a timely move, as the report focused on the impact of the $142.9 billion in new measures proposed – a number which excludes pandemic related support. It suggests Canada’s long-term economic outlook may be more expensive and less rosy than the budget estimated.
Gone Fishing: Can CRA Do That?
There are two kinds of fishing expeditions. For most of us, tales of the big one that got away tend to brighten moonlit campfire stories. But when it comes to fishing expeditions by the CRA, storm clouds can emerge quite quickly. That’s why it’s important to understand the law and taxpayers’ rights under it. Knowledge Bureau Report welcomes Marco Iampieri B.A., JD, M.B.A. to its editorial team to explain why.
Important Role: OAS in Retirement Income Planning
More than 60% of Canadians don’t have an employer sponsored pension, and as a result, the OAS is becoming increasingly important for those relying on reliable income in retirement. Advisors agree: 72% of more than 400 tax and financial professionals who answered the KBR April poll said “yes” to the question “Are you in favour of the OAS raise of 10% in 2022 for those age 75 or older?” However, many also left very insightful comments about the important role of public pensions in financial health in retirement.
Re-Discovery: Find Out How to Move Your Clients from Fragility to Stability
Four doctors, eight senior executives, 2 best-selling authors and several top wealth advisors: The thought leadership is outstanding at Virtual DAC 2021, October 17-19. Program Director Evelyn Jacks is highly enthused: “It’s never a small feat, but this year we are thrilled to offer the richest program ever to help advisors help their clients rediscover their financial stride.” Check out the details and register at early bird rates by June 30.
