Help & Contact: 1 866 953 4769
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?
Income Tax Burdens Rise in 2020
It’s hard to believe but back in 1917 the average taxpayer paid $14 and personal income tax was 2.6% of all federal government revenues. But in 2020-2021, the $165 billion the government expects to collect from personal income taxes represents a whopping 57% of all budgetary revenues. This is a significant increase in reliance on the fruits of Canadians’ labour, even when compared to modern standards: 51% in 2017, for example. This makes the role of financial intermediaries – tax, accounting, bookkeeping, payroll and financial advisors – more important this year than ever before. There are many places to look for savings before year-end.
Payroll Compliance Comes at a Big Cost: $12.5 Billion
The 2021 payroll formulas were released this week and it turns out Knowledge Bureau’s estimations of the official tax brackets were very accurate: a one dollar discrepancy has been noted on the information we reported to you earlier. However, statutory payroll costs are adding significantly to the burdens small business owners face, according to a new report, which also recommends that ancient tax-free benefits be indexed.
Year-End Tax Tips: Missed GST/HST Rebates Recoverable
There are a number of usual suspects in the missed claims department, especially for do-it-yourself clients who now wish to hand over their tax and financial advisory work to professionals. This is a great opportunity for professionals to find new money for their clients with obscure tax provisions like the GST/HST Rebate.
New to Canada? You’ll Need to File a T1 Return in 2020
There are special tax filing rules for people who immigrate to Canada. They are required to file a Canadian tax return to report their world income during the period in which they were resident in Canada. They also have to account for the valuation of their assets. Tax advisors can be of great help in discussing the filing requirements before year end.
Accountability Check: Is it Easier to Access Info from CRA?
In response to a scathing report from the Parliamentary Budget Officer back in 2017, CRA initially promised to improve its service standards by 2020. CRA has made small steps in the right direction with an upgraded phone system for the business inquiries line. Do you find that call requests are being resolved more quickly and accurately?
