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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?
CSA Announces Ban on Trailing Commissions for OEO Dealers
According to a news release from the Canadian Securities Administrators (CSA), final rules were adopted to ban the payment of trailing commissions by fund organizations, such as order-execution only (OEO) dealers who don’t make investment suitability determinations.
How Can You Help Canadians Recover from Financial Fallout?
The true financial test on how well Canadians will weather the financial storm brought on by the pandemic will occur in the months to come. A glimpse into that future is well described in a June 2020 report from the Bank of Canada. It suggests three catalysts, working together, that can lead to successful financial recovery:
Year-End Tax Tip: Time to Buy a New Car?
Should you buy a new car before year end to reduce your 2020 taxes? It’s a good question especially because lucrative new tax rules were put into place for the write-off of most capital assets* on November 21, 2018. Taxpayers can in fact, triple up on the usual first-year tax deductions when they acquire assets in the period between November 20, 2018, and December 31, 2023, and put them into use before 2028.
New T4 Slip Reporting Requirements
We now have a better idea about the audit techniques CRA will have at their fingertips to ensure the Canada Emergency Response Benefits (CERB) received by laid off or furloughed employees, The Canada Emergency Student Benefit (CESB) and the Canada Emergency Wage Subsidies (CEWS) received by employers are validated. The numbers will appear on a new T4 slip, which is likely to cause a few headaches for small employers and create some new opportunities for bookkeepers and tax accountants. Here are the details:
Minimum Basic Income: Is it Right for the Times?
Income inequality has been a topic of discussion for decades. Now, with the pandemic as the catalyst, the advent of the CERB and future income uncertainty have brought this issue and a broader one – the right to a basic minimum income – some increased momentum. There may be a simpler solution to help people immediately, and at the same time remove the controversy around incentives to work.
