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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.
August 2024 Poll
Effective August 1, new 30-year mortgage amortizations are available for first-time home buyers purchasing newly built homes. Will you recommend this option to your clients? Tell us why in the comments!
A Little Less Grinch: Breaking Interest Rate News
Will Bank of Canada Interest rate setting impact your holiday euphoria? Bank of Canada’s Steven Poloz announced today that the overnight rate would remain at 1.75%.
Shopping Spoiler Alert: Canadians Aren’t Saving Enough
In the holiday spirit yet? This news might dampen it: on Friday November 30, Statistics Canada released a report on GDP, income and expenditure for the third quarter of 2018. The big news? In 2018, Canadians have had the worst household savings rate on an annual basis since 2005, averaging only 1.4% over the past year. For the third quarter of this year, the household savings rate was a mere 0.8%; the lowest quarterly level since early in 2017.
How to Improve Service Levels: Tax Pros Give Advice to CRA
On the heels of recent criticisms by the Auditor General, Knowledge Bureau Report readers weighed in on CRA service levels and they were conclusive: 87% of last month’s poll respondents say that the CRA needs to work harder. They cited a myriad of issues from 32-week wait times for a T1 Adjustment to the need to correct CRA’s errors, some of them big.
Boomers at Risk: Nudging Young Generations Towards Financial Independence
One-third of parents of millennials say that their children are a financial strain that could ultimately take a toll on their own retirement. That’s the ongoing challenge that the boomers face. When it comes to managing their money, this generation needs to nudge their millennials towards financial independence or place their own retirement plans at risk.
Addressing Philanthropy Goals Before Year-End
In the height of charitable giving season, a review of recent tax changes provides an opportunity for advisors and clients to plan more strategically, while maximizing tax savings and planning 2019 investments before year-end. Here’s a checklist of talking points for your December meetings:
