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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?
Automobile Expense Deduction Limits for 2017
It’s official now: Finance Canada confirmed on December 30 that restricted fixed costs for certain auto expenses claimed by business owners and employed commission sales people, which haven’t changed in some time; won’t be revised for 2017 either.
Increased Capital Gains Inclusion Rates Coming?
Most respondents to Knowledge Bureau’s final poll of 2016 answered yes when asked, “Do you think the 2017 federal budget will increase capital gains income inclusion rates to raise tax dollars?” We’ll have to wait for the details of the budget, expected early in the new year, to see what actually happens. Only 41% said no to the question.
Taxing the Rich: Will the Desired Results Occur?
President-elect Donald Trump will soon celebrate his inauguration and with his ascent to power, he has promised to reduce marginal tax rates, cut taxes, and allow businesses to expense new investments rather than deducting interest costs. In Canada, meanwhile, we await a new federal budget. What happens in the U.S., however, is relevant and could shape future taxation policies in Canada.
2017 Tax Tips: Plan for Your Tax Refund. . .But File Accurately First
Did you know that last tax filing season, the average tax refund was just under $1,800, ($1740 actually) or about $150 a month? That’s a lot of money to give to the government on an interest-free basis. Make a new year’s resolution for 2017: pay only the correct taxes owing and invest the rest.
