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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?
New 30 Year-Mortgage Amortizations: Planning Required, Financial Pros Say
Effective August 1, new 30-year mortgage amortizations are available for first-time home buyers purchasing newly built homes. For our August poll we asked tax and financial professionals if this is an option they’d recommend to their clients, and there was an interesting mix of votes, 66% said “no”, but 34% said they would – their comments provide great insight for homeowners who may be eligible for this program.
CE Savvy Summit: Advising Clients with Audit Defence in Mind
The system is just wrong! Think of the problems your clients are having with CRA and their TFSA audits. The TFSA contribution room on the MyAccount portal does not coincide with actual contributions, yet CRA is giving. Another issue is the lack of use, improper use and/or set up of health spending accounts which are so important to small business owners. How do you make sure that these plans are audit proof? Lastly, there are inheritance/crypto scams out there. . .are you talking to your clients about this? Find out more in this informative Society of Real Wealth Managers Round Table hosted by Doug Buss, CLU, CPCA, CFP, CEA, RWM™, FDFS™ at the September 18 Virtual CE Summit.
The Joy Factor - Unlock the Secrets to Thriving | Andreaa Vanacker
Dr. Andreaa Vanacker will share her remarkable story and experiences to help you consider the role of joy and purpose in financial decision-making. You’ll be exposed to a new perspective in encouraging those you influence, to assess their legacy and optimize their most important asset: time. Learn more, only at the Acuity Conference for Distinguished Advisors November 10-12 in Montreal. Register by the September 15 early-bird deadline!
Defusing the Family Business…Time Bomb
This is an annual favorite book, especially at year end tax planning time, by Jenifer Bartman and Evelyn Jacks from publisher Knowledge Bureau. It addresses a common family secret that plagues millions of Canadians from coast to coast: what to do with the family business at a time when boomers are contemplating retirement. Will the business sell for the millions owners hope for, blow up, or just wind down? Will family relationships survive it all?
Concerned About Capital Gains Taxes? Comment by Sept. 3!
Especially if you are working with a business owner thinking of transferring the interests in their small businesses to the next generation, consider commenting on the draft legislation released by the Federal Government on August 12. These clients require more information about new taxing initiatives; in particular, the changes to the Capital Gains Inclusion Rates (CGIR) and the related Lifetime Capital Gains Exemption (LCGE), the new Canadian Entrepreneurs’ Incentive (CEI) and Employee Ownership Trusts (EOTs). But the rules are very complex and the deadline for response to the draft rules is short: for the CGIR rules, it’s September 3. For the case of the CEI it’s September 11. Here’s what you need to know:
