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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.
March 2025 Poll
In your view, has CRA improved its services to clients and tax preparers this year?
Missing on Task Force: Female Entrepreneurs
The government has recently appointed a new Task Force on Women in the Economy. However, what’s missing among the 18 educated and highly qualified women on the board* is representation from the many women who, through self-employment and independent business ownership, contribute so much to growth in our economy. That’s a big miss. Here is why that is important:
At the Height of Tax Season: April 19 is Federal Budget Day
The timing could be better. The federal government has chosen April 19, 2021 as the date for their first federal budget in two years, in the midst of a third wave of a trying pandemic. This could also well be the busiest week of tax season for taxpayers and their advisors. Yet, the important roadmap to economic recovery and the tax changes to pay for it will likely be set forth. Join us for a special Knowlege Bureau Report after the budget day.
Report Barter Transactions
Many taxpayers are unaware and in fact shocked to learn that the bushel of apples, gaggle of geese, or barter services of any kind provided in anyway, including those online, are taxable. Whether they are paid in kind to settle a debt or simply as a trade, all have a commercial value that may have tax implications.
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.
