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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.
March 2025 Poll
In your view, has CRA improved its services to clients and tax preparers this year?
Home Workspace “Simplification” Costs: $260 Million
It appears that $2 a day adds up to millions of dollars in tax costs for the government. The Parliamentary Budget Officer (PBO) released the costs of the new simplified home workspace expenses on February 4, now estimated at $260 million. The costing provides some interesting insight on expense filing by employees.
Tip Sheet: New Criteria for Employees Claiming Home Office Expenses
The CRA has introduced several new rules for filing employment expenses in 2020 which in reality, have complicated rather than simplified, employment deduction claims. Four employment filing profiles have emerged, as well as a new little-known calculation for home office space common area use. Details and a tip sheet follow.
Newly Updated! Investment Tax Strategies Course
Tax is a trigger for affluent families, especially now, when higher taxes may loom in the future. Tax and financial advisors ultimately need to be able to expertly calculate capital gains and losses on the disposition of assets and properly report income transactions along the way. But, it is in the planning for tax efficiency that differentiates a “great” advisor from the rest. This newly updated course is here to provide help during these turbulent times.
Valentine’s Day Special: Seasonal Tax Training Package
Our Valentine’s Day Special is a seasonal tax training package, at a price you’ll love. Take any 3 suggested courses for $1,995 - save 25%. This is a great opportunity for business owners looking to increase revenues this tax season, or for people looking to earn extra income. Visit the Virtual Registrar to enrol by the February 28 deadline, and check out our suggested training options for individuals and firms.
RRSP Deadline: Most Won’t Contribute & That Will be Costly
According to a recent survey, more than 56% of Canadians do not plan to contribute to an RRSP this year and an additional 12% are unsure if they will. That potentially means that more than two thirds of Canadians could be at risk of overpaying their taxes or worse, having important social benefits clawed back in this second year of the pandemic. Tax and financial advisors can help by preparing “what if scenarios” before the March 1 contribution deadline.
