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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.
July 2024 Poll
Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?
Get Your Knowledge Journal: Learn About the Longest Tax Return in History
At 8 pages, the 2019 T1 return is the longest tax form in history. It could also be the most complex, says Evelyn Jacks, President of Knowledge Bureau. With tax season beginning, professionals who are not yet familiar need to learn about the changes to the forms, line numbers and the detailed legislation behind them.
Cut the Delays: CRA Ombudsman Makes 15 Recommendations
It all takes much too long: that’s the message the Taxpayer’s Ombudsman had for the CRA with the release of report that culminated in 15 recommendations focused on cutting incredibly long wait times for tax assessments and adjustments. What’s considered too long? Taxpayers, professionals, CRA and the Ombudsman appear to have very divergent views.
It’s Official! Tax Filing Season Has Started
The CRA started E-filing transmission services on Monday, February 24 which means tax refunds should be flowing soon for millions of tax filers. This tax season features a new 8-page tax return and a complete change to the line numbering system throughout the return. Plus, coming in March there’s the introduction of Charlie to Chatbot who will answer general tax filing questions. But are you clear about when you must file? Many Canadians are not.
Buying Your First Home? Use the RRSP Home Buyers’ Plan
Statistics released on February 14, 2020 by the Canadian Real Estate Association (CREA) show that national home sales declined by 2.9% between December 2019 and January 2020, but prices are poised to rise later in the year. This could therefore be a good time to buy that first home, especially with the help of the enhanced RRSP Home Buyers’ Plan. For these reasons, some of your clients may still be interested in topping up their plans before March 2 RRSP contribution deadline.
Easy Money: Changes to the Mortgage Stress Test Ahead
Changes announced by Bank of Canada last week will make getting a mortgage easier for new home buyers in Canada as of April 6, 2020. It’s important for tax and financial advisors to understand the new guidelines in order to assist Canadians with sound debt management strategies.
