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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?
Updated Income Tax Estimator Deals with Canada Recovery Benefit (CRB) Clawback
When the new Canada Recovery Benefits become available later this month, it will come with a cost. If the recipient’s net income for the year from other sources exceeds $38,000, they will be required to repay 50% of the lesser of the CRB received and their net income in excess of $38,000.
Financial and insurance advisors, lawyers, accountants, bookkeepers, tax practitioners and gift planners…
Financial and insurance advisors, lawyers, accountants, bookkeepers, tax practitioners and gift planners…
Good News: Canadians’ Debt Ratio Drops and Savings Rates Increase
According to a September 11 report from Stats Canada, households increased holdings of financial assets and reduced non-mortgage and consumer debt during the second quarter this year. The household debt service ratio, which is the total obligated payments of principal and interest on credit market debt over household disposable income, had the largest decline on record. It dropped from 14.54% to 12.40%. Incredibly, there was only $1.58% of credit market debt for every dollar of household disposable income. But, is the good news temporary?
The End of 2019 Tax Filing is in Sight; So Are Tax Liabilities
The extended September 30 filing deadline hasn’t arrived yet. But, according to the most recent processing statistics from the CRA, there are still 2019 returns outstanding. And, with this unusual tax season soon to be behind us, top-of-class tax and financial advisors must start immediately to help Canadians manage tax debts, maximize remaining social benefit payments and plan to reduce taxes payable in 2020. It’s a tall order.
US Citizens in Canada Receive Tax Free COVID Payment
U.S. tax filers, including American Citizens living in Canada, will have received Economic Income Payments (EIP) based on income levels reported on their 2018 and 2019 tax returns filed in the U.S. Now CRA has confirmed in a technical bulletin issued August 31 that there is more good news: the payments will not be taxable to residents in Canada.
