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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.

This Week’s Edition of KBR:

April 2025 Poll

Do you believe our tax system needs to be reformed and if so, what would be your first improvement? If not, what do you like about it?
Yes: 68 votes
98.55%
No: 1 votes
1.45%
 

Cast Your Vote

The Limitation Period: Providing Taxpayer Certainty for Tax Audit Risk

When can a taxpayer feel certain that their liability to tax will not change for a taxation year or period?  It’s an important question to discuss with clients seeking reassurance on their future tax risk.  In fact, limitation periods under the Income Tax Act and Excise Tax Act (HST/GST) provide a level of certainty for taxpayers regarding their liability to tax.

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Investors: How to Stay Out of Audit Trouble with TFSAs

The TFSA is an excellent savings vehicle for a variety of purposes including saving for large, long term purposes or providing an emergency fund.  But there are some restrictions about the type of assets that can be held in this plan, and how often you can trade them, something advisors and clients will want to chat about to avoid a tax audit problem.

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How to Determine Whether a Gain is Income or Capital?

Your client has just flipped a principle residence, sold a speculative piece of property or traded frequently in his or her TFSA.  Is this a business transaction, a capital gain or an exempt transaction?  In order to determine whether a gain is of income or capital nature, there is no determinative test. However, there are some clues to follow in anticipating the tax outcome and an important precedent-setting case.

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DAC Sneak Peek: Meet Our Speakers & This Year’s DAC-in-a-Box

The experience at this year’s Virtual DAC Acuity Conference may just beat out last year’s – which the Globe and Mail touted as one of Canada’s most innovative virtual conferences.  Check out this sneak peek through our new speaker videos and DAC-in-a-Box program guide, and then enrol by September 30 to take advantage of early-bird tuition prices.

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Uncertainty Lingers: Majority Won’t be Hiring in 2022

The reasons are varied, but 60% of KBR readers polled last month said they won’t be hiring new seasonal staff in 2022 and the prevailing reason is uncertainty. Those who will be hiring won’t be doing so before year end but are busy making training plans now.  Here are some of their thoughts on preparing for tax season 2022:

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