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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?
KBR Special Bulletin: UHT Deadline Extended
No, this isn’t fake news or a late day Halloween trick: the CRA announced just before 2 p.m. on October 31 that they are indeed extending the deadline for the filing of the UHT-2900 return. This return was due at midnight on October 31 to report residential property ownership for the 2022 calendar year. The new deadline is April 30, 2024. No interest or penalties will be levied in the meantime. The Underused Housing Tax (UHT) is a controversial new tax in Canada because it is much more broad-based than first announced. This and more year end tax planning news will be covered in tomorrow’s Virtual CE Summit from Knowledge Bureau, available in a recorded online version after the event.
Year-End Planning: News for Disabled Persons
There are 6.2 million persons with disabilities in Canada, 23% of whom live in poverty. Soon there will be tax-assisted relief, but unfortunately not for at least a year. The Canada Disability Benefit (CDB) was passed into law under Bill C-22, June 22, 2023 to help. The payments are expected to start in December 2024 and delivered through the tax system. In the meantime, people living with disabilities and their caregivers can inform themselves of existing tax support for the 2023 tax year and the time to get ready is now. Here’s what you need to know:
GAAR: Taxpayer Wins Against CRA
In a recent Tax Court of Canada Case a taxpayer won and important appeal when the Canada Revenue Agency (CRA) invoked the General Anti Avoidance Rule (GAAR) on October 17, 2021. Here’s what happened:
The RDSP: December 31 Deadline Extended
The RDSP (Registered Disability Savings Plan) is an excellent savings vehicle to build future pension assets for disabled people, all with generous government matching support. An important deadline was approaching on December 31, 2023 regarding the status of Qualifying Family Members (QFMs). Thanks to the March 2023 budget, however, this has now been extended. Here are the details.
November CE Summits - RSVP by October 31: A Significant Tax Filing Deadline
Investors in residential real estate – both non-residents and some Canadians - must file their first UHT return by October 31. Beyond this, a small but important window is available to prepare individuals, trusts and private businesses for new tax eroders before the end of 2023. For these reasons, Knowledge Bureau is presenting four important professional development days – November 1, January 17, 25 and 26, accompanied by new online micro-course collections. Details below.
