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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.

This Week’s Edition of KBR:

April 2025 Poll

Do you believe our tax system needs to be reformed and if so, what would be your first improvement? If not, what do you like about it?
Yes: 67 votes
98.53%
No: 1 votes
1.47%
 

Cast Your Vote

Groundhog Day Tuition Savings!

Canadian groundhogs may have mixed opinions on whether or not it’s going to be a long winter. But on a year that has often felt like we’re experience the Groundhog Day phenomenon, we decided to bring you our best sale of the year so far to ensure there’s something to celebrate – and you can still take advantage of this today! Take any two certificate courses for only $595 each (save 34%) – but act fast, as this promotion ends today! Use this proficiency guide for individuals and business training needs to select your next courses!

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Temporary Relief for Claiming Child Care

There is exciting news for parents who have been prohibited from claiming child care expenses due to the existing definition of “earned income”.  A new Form T778 issued on January 20, 2021 clarifies that CERB and EI recipients can indeed claim child care expenses.  There is more good news for disabled employees, too. Here are the details:

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When are Forgivable CEBA Loans Reported?

The Canada Emergency Benefit Account (CEBA) provided two loans to businesses that suffered revenue declines due to the pandemic.  They amounted to a total of $60,000, with $20,000 forgivable,   if the loan is repaid  December 31, 2022.  However, very few expected a 2020 income inclusion. Here are the rules:

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CERB Audit Tip

As CERB income reporting begins in earnest on the 2020 tax return, Canadians and their advisors are scrambling to confirm eligibility for amounts received last year and if required, to repay amounts received in error.  However, a number of questions have arisen around the grey areas of eligibility.  A common one surrounded eligibility for individual recipients of dividends from family businesses.

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Weigh In: Is Tax Relief the Right Answer for the Times?

Business owners are struggling and despite the announcement of a new loan program yesterday, is more indebtedness the help that business owners really want at this time?

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