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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?
People in the News
Sarah McCurdy, a DFA-Tax Services Specialist and Certified Professional Bookkeeper with the IPBC.
Use it Before It Disappears in 2018: The First-Time Donor’s Super Credit
An important tax break is disappearing after 2017: The First-Time Donor’s Super Credit. This opportunity is of particular interest to advisors who work with higher-net-worth families and their adult children. In fact, discussing it as part of mid-year tax plan may make good sense for these taxpayers, especially if they wish to be strategic about their giving.
Millions Embrace Digital Filing but Average Refund is Down
Canadians were treated to new technology this year and embraced it soundly: 7.3 million individual requests were received by CRA’s digital service Auto-Fill My Return, and 87% of all returns filed to May 15 used NETFILE or EFILE. However, you may be hearing complaints about smaller tax refunds this year. The averages appear to bear that out.
June 15 Deadline Coming Up Fast for Investors, Proprietors
June 15 is an important tax filing deadline for seniors, investors and proprietors. The second quarterly instalment payment for the year is required on this date. So is the filing of the T1 return for proprietors and their spouses. It can be an expensive day, so it’s important not to delay in determining the amounts payable, especially since CRA has new resources to enforce delinquencies.
Veterans with Pensions Need Help
Approximately 7,600 Canadian Armed Forces personnel leave the Canadian Armed Forces every year with significant tax-free resources for their future. This number includes about 1,000 personnel released for medical reasons beyond their control. They could use your help.
