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Financial Issues & Answers for Everyone
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.
December 2025 Poll
It costs a lot more to go to work these days. Should the Canada Employment Credit of $1501 for 2026 be raised higher to account for this?
Don’t Forget the RRSP Deadline!
It’s the dream of millions of working Canadians to one day go into retirement and enjoy the golden years at home or abroad, retire on their terms, and harvest the fruits of their labours. According to a pre-pandemic (Feb 2020) Scotiabank Retirement Survey, 68% of Canadians are saving for retirement and the average amount expected to be needed was about $697,000. This is less than the 2017 average of $753,000. But the pandemic has changed retirement planning even further, and it’s important to discuss this before the March 1 RRSP deadline.
CERB Audits and Appeal Rights
Recently, Canadians who received CERB in 2020 have been receiving letters from the Canada Revenue Agency (CRA), requesting further information to support their eligibility for CERB. It’s important to know that taxpayers have the right to appeal if they receive a reassessment with respect to repaying the Canada Emergency Response Benefit (CERB).
Tap Into Education Funding for Tax Season Training
Now is the time train new and returning employees for the upcoming tax season...did you know your training costs qualify for grants and funding? That includes those incurred through a Knowledge Bureau education.There are both granting and funding options available when you need to train staff in a hurry based on where you live. Here are the details.
Crocus Fund Receivership Being Wrapped Up
The investors of the Crocus Fund will be receiving a final settlement in 2022. Specifically, the payment will be 36 cents per share, and it will be made after September 30, 2022. While most people will have held these shares in their RRSP account and will have no tax consequences, the disposition of these investments in non-registered accounts will need to be reported.
Knowledge Bureau Network: Raising the CPP Survivor’s Benefit
The Liberal government has proposed that the CPP survivors’ benefit be raised by 25%. It’s an important step in the right direction, but it may not be enough to fairly represent the lost contributions from a lifetime of mandatory contributions by a deceased spouse. This requires review and here’s why:
