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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?
10 Reasons to Prioritize Succession Planning
Family businesses are facing the most explosive challenge in a generation. A new book by Jenifer Bartman and Evelyn Jacks addresses the challenge head on, and explains how advisors and their clients who are business leaders can defuse this potential time bomb: late succession planning. Advisors can also shore up their professional skills by studying the problem in depth in a new certificate course from Knowledge Bureau.
Helping Seniors: 10% Fail to Receive GIS
According to Statistics Canada*in 2016, 4.9% or 289,000 of 4.9 million seniors in Canada were living in poverty. Yet, more than one in ten seniors who are eligible for the Guaranteed Income Supplement (GIS) didn't receive it in 2016-17. This is a big concern because, in fact, the number of seniors living in poverty is on the rise. So what’s the problem?
Skepticism Brewing? CRA Explores New Technology
The CRA has been facing extensive scrutiny against their own service standards. Now, in a new initiative they are exploring ways for taxpayers to access their own accounts, protect their privacy, and verify their identity in government offices without the hassle of requiring them to bring multiple forms of identification. In addition, the initiative will make it easier for government agencies, banks and provincial licensing offices to share information with the CRA.
On the Brink: Many are $200 Away from Financial Collapse
Despite the Bank of Canada’s recent interest rate hold and decreasing mortgage rates, many families are on the brink of being unable to pay all of their bills. This, as new carbon taxes are about to emerge in some of the hardest hit provinces. Early tax filing may help.
Payroll News: 2019 Employment Insurance Rate Changes
One important change has been introduced that affects payroll processing in 2019: the rate applied to calculate the maximum Employment Insurance (EI) contribution amounts have been reduced, though benefit amounts remain the same.
