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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?
Changes to IPP Restrict Surplus Contributions
The CRA recently released an important technical newsletter to make changes to Independent Pension Plan (IPP) rules. Some experts in the personal pension planning space think that this is a good thing. Here is what’s at the centre of the issue and why.
Using Personal Assets to Make Money? CRA is On It?
Trading goods and services has become much more sophisticated over the years. In particular CRA is watching social media for evidence of unreported income or capital transactions, for example, popular Airbnb rentals. They consider this new “platform economy” to include any economic and social activities that connect buyers and sellers of goods or services via mobile apps or the internet. There are 4 platforms in particular that will be audit-prone in 2021.
Help with High Value Professional Skills as a Real Wealth Manager™
With the dramatic increase in digital solutions, and the challenges presented by the pandemic, more of your clients may require more frequent communications, improved collaboration between their financial professionals and more efficient processes in building wealth with all family stakeholders. In a highly complex tax and investment environment, differentiate yourself as a Real Wealth Manager™. Your new high value professional skills will help you connect the dots, and when you do, a bonus: you’ll receive an invitation to join in on some important peer-to-peer networking opportunities coming up this spring – exclusively for Real Wealth Managers™.
Second Quarter Rate Checkup
It’s April 1st next week, and that means a number of rates for the second quarter to reflect inflation calculations. This includes prescribed interest rates that affect how much you will receive on interest on refunds owed to you by CRA and pay on CRA overdue balances due from you. Will seniors get a raise on their OAS payments? What will be the prescribed interest charge on shareholder loan accounts? Here are the details:
Reporting Child and Spousal Support Payments
According to the Vanier Institute, the pandemic that began a year ago may have a significant effect on family life in Canada, particularly for those who experienced unemployment as part of the equation. Families who may have separated or divorced in 2020 will now have significantly altered income tax profiles. Here is what you need to know to ensure support payments are properly reported.
