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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.
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?
UHT Filing Deadline Extension: A Good Move?
The Underused Housing Tax has been making headlines, most recently with the last-minute decision on October 31 to extend the filing deadline to April 30, 2024. It’s a move that 85% of tax and financial advisors said they agreed with in responding to our November poll question. However, it’s a nuanced issue that was addressed in many insightful comments. Check them out!
Short Term Rentals: Are New Moves Good Moves?
The federal government wants to accelerate the supply of long term residential housing and one way they intend to do this is to “crack down” on non-compliant short term rental owners and deny their income tax deductions when filing a tax return, starting January 1, 2024, according to proposals in the Fall Economic Statement released November 21, 2023. What exactly will this mean in practice for taxpayers and their advisors in 2023; will it actually work to meet goals, and how will this affect the integrity of the tax system overall?
Tax Changes for 2024 Bring Tax Planning Opportunities
Amongst the many tax changes coming for the 2024 tax year is the fact that the federal government has now confirmed an indexing factor of 4.7% on most non-refundable tax credits, tax brackets and income-tested earnings levels for the purposes of refundable tax credits. That announcement will also affect some investments, like the room available for TFSA contributions. But there are more important changes to know about. Here is a synopsis:
Year End Adjustment for Prior Filed Errors and Omissions
Cash strapped? At year end, it’s always important to review prior filed or omitted returns to make sure all the tax refunds, credit and benefits all the taxpayers in a family are entitled have been claimed. But there are some specific rules to take note of. Check them out here:
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