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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?
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New Rent Relief for Canadian Businesses
Much to the relief of small business owners, the New Canada Emergency Rent Subsidy, announced 9 days after October rent payments were due, brought rent and mortgage support directly into the hands of business tenants. There was more good news, too. A new forgivable loan for businesses affected by the second wave of this pandemic was also introduced. Here are the details:
Good News for Employees; Self-Employed, Not So Much
Good news on the labor front in Canada: the unemployment rate dropped to 9.0% in September, down from a high of 13.7% in May. Further, the September Labour Force Survey released October 9 for the week of September 13 to 19, reported fewer people receiving the Canada Emergency Response Benefit (CERB) , EI or the Canada Emergency Student Benefit (13.5% down from 16.1%) and that the employment rate rose 2.1%. So, what’s the bad news?
Cash Crunch? Help Clients Find New Money
The pandemic has changed the financial picture for a lot of Canadians. The good news? Changes in income levels can produce tax savings few people have thought about. Reduced income, for example, may change the taxpayer’s requirement to make their December 15 instalment payment. Or they may qualify now to collect tax benefits they would otherwise not be entitled to. Check out this true-to-life example:
Quote of the Day
“There is nothing government can give you that it hasn’t taken from you in the first place.”- Sir Winston Churchill, Prime Minister of the UK 1940-1945 and 1951-1955.
