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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?
Get IIROC Credits Before Year End!
Looking for IIROC credits before year-end? Knowledge Bureau is pleased to have 3 professional CE options available to earn both PD and compliance credits before year end. Check out the RWM™ program (xx PD credits), the MFA-P™ (xxx credits) and the new Certificate Course, Navigating Privacy Issues (10 Compliance Credits). These outstanding programs are well reviewed (see below) and can be taken anytime, 24/7 online in the convenience of your home or office. Plus, save an additional $75 on tuition when you register by the next session intake date: October 15.
Tax Delinquents: Counsel to Catch Up Late Filings
It’s a sign of the times: everything seems to be going up, including the billions Canadians owe to CRA. But now is a good time to catch up and stop the tax bleed. Looking at the most recent stats from February 6, 2023 to September 18, 2023, 23% of returns filed this year had an average balance of $7556: collectively a whopping tax debt of $54.8 Billion. These costs grow with expensive late filing penalties and interest charges. Delinquent taxpayers can avoid incurring more costs by understanding the penalties and in hardship cases, requesting relief from penalties and interest. But they may fear CRA repercussions and some sage counselling from their financial advisors can help to get it done. Start with a quick checklist:
The Payback: CEBA Loans
It’s been confirmed, but the news was disappointing. Canada Emergency Business Account (“CEBA”) loans provided interest-free loans to 900,000 small businesses and non-profit organizations. Partial loan forgiveness would be available to those organizations which were to repay the balance of the loan on or before December 31, 2023. There’s been an extension, but for only 18 days for those who don’t have to refinance. For the others, new loan repayment dates have been set. Here’s what happened:
Replacement Properties: COVID Time Not Counted
As the final quarter of 2023 is just around the corner, many taxpayers will want to discuss year end tax planning; specifically, what can be done to reduce cash flow required to settle tax debts triggered by 2023 transactions. Thanks to proposed legislative amendments released August 4, 2023, there’s a little known nugget for investors. It’s possible to recoup prior year tax dollars on capital gains if a replacement property was acquired, and get a pandemic-related reprieve. Here’s how it works:
Kudos to KB’s Tax Audit Defence Strategies at the September CE Summit
Things are changing quickly in the tax world and attendees at the September 20 Virtual CE Summit raved about the educational content they received to stay sharp. If you missed it, we have a great way to stay on top the critical changes to tax planning and new burdens of proof, online, with the new CE Savvy™ Collection – Tax Audit Defence Strategies. You can earn 5, 15, or 30 CE Credits before year end, too. Here’s why professional advisors cannot miss this opportunity to come up to speed with the complex rules from the March 28, 2023 budget and the August 4, 2023 Draft Legislation: you could be subject to big penalties, too.
