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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.

This Week’s Edition of KBR:

April 2025 Poll

Do you believe our tax system needs to be reformed and if so, what would be your first improvement? If not, what do you like about it?
Yes: 39 votes
97.5%
No: 1 votes
2.5%
 

Cast Your Vote

CRA December Shutdown Alert

CRA plans a system shutdown early this year in December 2024 and could have far reaching repercussions for professional tax advisors and their business owner clients. For example, businesses to electronically file information slips prior to December 2024, and this now includes the requirement that businesses filing 6 or more information returns must do so electronically to avoid filing penalties.

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Intergenerational Transfer Rules Now Law

Two important changes to intergenerational business transfer rules tabled in Bill C-59 have now come to be passed into law.  All family business owners and their professional advisors should take note.

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Economic Statespersons: Leadership at the Next Level

EVELYN JACKS, DMA™, RWM™, MFA-P™, FDFS™, Founder and President, Knowledge Bureau introduces the 2024 Fellows of Distinguished Financial Services and Provides the Vision for their Special Mission.

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15 Sessions, 20 Thought Leaders: The Full DAC Agenda is Revealed!

Mark Your Calendar for the weekend of November 9-12.  You’re going to be in for an incredible networking experience, and a 15 session, impactful Education Conference tailored for tax specialists and wealth advisors.  Most important, 20 thought leaders will inspire you to re-engage with your prospective clients who sadly, may not be seeking your advice soon enough.   It’s the Acuity Conference for Distinguished Advisors (DAC) and the full agenda is now here! Register by September 30 early-bird deadline – Ask about group rates, how to buy a table and access to VIP Affinity Program rates.  Here’s the run of the events:

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Proprietors & Their Audit Risk

The tax filing season 2024 is officially over with 31,247,787 tax returns filed to July 1.  The average balance due is $7,572 or over $55 Billion and many of those 7.3 Million taxpayers who owe are proprietors who waited to file until the last moment:  June 17.  We asked tax and financial professionals in our June poll whether they thought that tax audit risk is a bigger issue now for proprietors.  The reviews were mixed but 60% said yes. 

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