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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.
December 2024 Poll
Should the $250 Working Canadian Rebate be passed into law to provide tax relief to individuals with working net income under $150,000, who also contribute to the CPP?
Economic Statespersons: Leadership at the Next Level
EVELYN JACKS, DMA™, RWM™, MFA-P™, FDFS™, Founder and President, Knowledge Bureau introduces the 2024 Fellows of Distinguished Financial Services and Provides the Vision for their Special Mission.
15 Sessions, 20 Thought Leaders: The Full DAC Agenda is Revealed!
Mark Your Calendar for the weekend of November 9-12. You’re going to be in for an incredible networking experience, and a 15 session, impactful Education Conference tailored for tax specialists and wealth advisors. Most important, 20 thought leaders will inspire you to re-engage with your prospective clients who sadly, may not be seeking your advice soon enough. It’s the Acuity Conference for Distinguished Advisors (DAC) and the full agenda is now here! Register by September 30 early-bird deadline – Ask about group rates, how to buy a table and access to VIP Affinity Program rates. Here’s the run of the events:
Proprietors & Their Audit Risk
The tax filing season 2024 is officially over with 31,247,787 tax returns filed to July 1. The average balance due is $7,572 or over $55 Billion and many of those 7.3 Million taxpayers who owe are proprietors who waited to file until the last moment: June 17. We asked tax and financial professionals in our June poll whether they thought that tax audit risk is a bigger issue now for proprietors. The reviews were mixed but 60% said yes.
Tax Hike Alert: The New Alternative Minimum Tax (AMT) is Now Law
It’s not just the newly increased capital gains inclusion rate that is now law, but another significant tax change which has received less fanfare – the AMT or Alternative Minimum Tax – has now been passed into law under Bill C-59, passed on June 20, 2024. The provision in effective, however, on January 1, 2024. The big issue is that the AMT can affect the very people grappling with the capital gains inclusion rate increases. The result is more retroactivity and more complexity. Here’s what you need to know:
Avoid Attribution Rules: Make Tax Efficient Spousal Loans
One interesting and potentially beneficial financial strategy to grow the family’s wealth is to draw up an interspousal loan. With interest rates set to come down again, and capital gains rates going up, the plan may have more appeal that it has over the high interest rate era we have seen post pandemic. Here’s how the plan – perfectly allowable under the Income Tax Act – works, and some of the benefits:
