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Financial Issues & Answers for Everyone
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 2025 Poll
Do you believe Canada’s tax system based on self-assessment has suffered under recent changes at CRA and by Finance Canada? If so, what is the one wish you have for tax reform?
Find Valuable, Meaningful Work in the Tax and Financial Sector
Canadians working in the financial services have been the largest contributor to the national earnings increase, according to Statistics Canada November 30 survey on Payroll, Employment, Earnings and Hours. The gains were particularly impressive in the professional, scientific and technical services: average weekly earnings were up 3.4% to $1,354; growth driven by accounting, tax preparation, bookkeeping and payroll services with notable increases in Ontario and Quebec.
Tax Pros Confirm: CRA Increasingly Aggressive with Audit Practices
The majority of tax and financial services professionals agree: CRA has stepped up audit activity on returns of average Canadian tax filers. Knowledge Bureau Report’s November poll found this trend emphasizes the value that financial and tax preparers can offer to Canadian taxpayers, as they grapple with a less-than-satisfactory experience with their tax department.
Amidst Outcry, CRA Announces Support for DTC Claimants
Canada Revenue Agency (CRA) has again come under fire for its policies for assessing the claims of people with Type 1 diabetes who previously qualified for the Disability Tax Credit (DTC). However, it is defending its policies as being consistent.
Become a Trusted Resource for Clients Faced with CRA Information Gap
While Canada Revenue Agency is under fire for failing to provide timely and accurate information to taxpayers, it’s clear that tax and financial advisors have an important role in filling that gap and in the process demonstrate unique value to their clients as trustworthy resources. But the industry, too, must step up its knowledge in light of increasing complexity.
Retirement Planning: Make Sure Your Advice Keeps Up with Your Clients
According to recent census data from Statistics Canada, the baby boomers continue to live life on their own terms, especially as they approach and surpass the traditional retirement age, but they are working longer, supporting adult children and often they are also in debt. The provides opportunities for interaction with retirement specialists.
