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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.
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?
Fill Your Knowledge Gaps: Women and Finance
March 8 is International Women’s Day and one of the many things to celebrate is that women are becoming far more financially active. This is a positive trend which enables better conversations about tax, retirement and estate planning, But advisors who fail to engage women, may well find themselves failing.
It’s Your Lucky Month if You’re Still Training Tax Staff!
Is March your lucky month? Traditionally, leprechauns celebrate pots of gold at the end of rainbows this month. But, it was Buddha who really put the concept of luck into perspective, “Being deeply learned and skilled, being well trained and using well spoken words: this is good luck.” That strategy has better odds of success, too. That’s why we are offering you some of each: the opportunity to be more skilled and a bit of the pot of gold.
IT’S OFFICIAL! Tax Season Has Begun
Tax season is officially underway and those expecting a refund are understandably anxious to file early and put that money the government has been holding onto – which averages $1,850 – to good use. But information from CRA about filing accurately has been released very late and there is a lot to know... including new information about electronic signatures which was only out yesterday.
Paying Taxes on an EFILED Return
There is no doubt about it: the tax filing deadline this year (at least per the government so far) will be Friday, April 30, 2021. That’s important because we expect more people to have to pay due to the receipt of pandemic relief payments like CERB. For many people who usually receive a refund, paying electronically may be a new and unfamiliar process, and professionals need to take the time to explain the options.
Expect Fast Refunds, But Not ‘Til March.
Over the years, CRA’s EFILE service has significantly evolved. But even if you were first in line to file this week, refunds won’t arrive until March. There is a lot of money at stake: last year close to 20 million filers waited to receive an average tax refund of $1,850 and only 25% or just under 5 million chose to get it by cheque. EFILE can definitely help to speed things up.
