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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.
July 2024 Poll
Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?
Payroll Compliance Comes at a Big Cost: $12.5 Billion
The 2021 payroll formulas were released this week and it turns out Knowledge Bureau’s estimations of the official tax brackets were very accurate: a one dollar discrepancy has been noted on the information we reported to you earlier. However, statutory payroll costs are adding significantly to the burdens small business owners face, according to a new report, which also recommends that ancient tax-free benefits be indexed.
Year-End Tax Tips: Missed GST/HST Rebates Recoverable
There are a number of usual suspects in the missed claims department, especially for do-it-yourself clients who now wish to hand over their tax and financial advisory work to professionals. This is a great opportunity for professionals to find new money for their clients with obscure tax provisions like the GST/HST Rebate.
New to Canada? You’ll Need to File a T1 Return in 2020
There are special tax filing rules for people who immigrate to Canada. They are required to file a Canadian tax return to report their world income during the period in which they were resident in Canada. They also have to account for the valuation of their assets. Tax advisors can be of great help in discussing the filing requirements before year end.
Accountability Check: Is it Easier to Access Info from CRA?
In response to a scathing report from the Parliamentary Budget Officer back in 2017, CRA initially promised to improve its service standards by 2020. CRA has made small steps in the right direction with an upgraded phone system for the business inquiries line. Do you find that call requests are being resolved more quickly and accurately?
2020: A Year to Give More
According to Statistics Canada, based on the 2018 tax year, taxpayers who donate to charity are giving more, marking a second year of growth in giving by these generous Canadians. What’s more, charitable donations rose the most in Saskatchewan – a whopping 17.1% over the year before. It was therefore very appropriate to hear from a prominent financial advisor from this generous province at this week’s CE Summit, to explain some of the reasons why.
