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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?
14 Income Sources that Attract No Tax
Canadians pay a lot of tax! In fact, tax is the single greatest lifetime expense: an average two-income earning family could pay in excess of $1 million over their lifetime. While meeting with clients to file their 2018 taxes, it’s a great strategy to discuss the tax exempt income sources. Planning to earn more of them will help with cash flow and paying less tax next season.
Provincial Budget Tax Changes for Ontario, Saskatchewan and New Brunswick
Three more provinces have released their provincial budgets throughout March and April. Neither New Brunswick’s released on March 19, nor Saskatchewan’s on March 20, included significant tax changes. However, Ontario’s new Conservative government released its highly-anticipated first budget on April 11; and it includes some tax changes that residents of the province will be happy with. Here’s the round-up:
Tax Season Statistics: A Long Way to Go with Only 30% of T1s Filed to Date
Get ready for the last minute T1 filing rush! According to the CRA, just over 10.6 million tax returns were filed as of April 1; against a total of over 30 million in the last tax season. While electronic filing is the preferred choice for filing again, the average refund has decreased.
Disability Tax Credit: Taxpayers Found and Won Back Concessions
Health transition planning is an emerging trend, to be discussed in May at the CE Summits tour with special guest expert Karen Henderson. One way advisors can help is to keep an eye on recent tax issues for disabled Canadians – particularly those with diabetes. These taxpayers have struggled to access and retain two important government benefits, The Disability Tax Credit (DTC) and Registered Disability Savings Plan (RDSP).
New Mutual Fund Rules: Tax Certainty Losses for Retirement Savers
Taxpayers may be rightly concerned about three new provisions regarding the taxation of mutual funds and ETFs. These changes affect retirement income certainty for Boomers’ investment funds that will be subject to new income calculations on redemptions of the investments, starting with fiscal years that begin after March 19, 2019.
