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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.
January 2025 Poll
Do you agree with extending the charitable donations giving deadline to February 28, 2025 for the purposes of reducing taxes on the 2024 tax return?
Upcoming Tax & Investment Milestones: March and April
In this final month of the first quarter of 2024, significant new tax filing milestones arise, but with a twist, because both March 30 and 31 are on a weekend and April 1 is a Monday. For these reasons it’s important for tax and financial specialists to step up the tax filing conversation on critical issues like any potential RRSP excess contributions and everything related to trusts! Here are the significant dates to know for March and April:
Provincial Tax News: BC Introduces Anti-Flipping Tax
It’s Provincial Budget Time! First out of the gate on February 22, the BC government introduced a substantive budget which introduces a BC Family Benefit Bonus, increases the Climate Action Tax Credit, extends training tax credits, exempts farmers from participating in provincial agricultural insurance programs and most important, changes the taxation of real estate in the province, and introduces a new Home Flipping for 2025. This is a substantive matter to discuss with clients during tax season 2024. Details follow:
3 Leap Year Budgets: AB, NU and NS
February 29 was the date that compelled three provinces to release their 2024 provincial budgets: Nunavut, Alberta and Nova Scotia. Here are the tax highlights:
PBO Projects Higher Taxes, Debt Costs
The Parliamentary Budget Officer released its projections and summary of Canada’s fiscal outlook on March 7, noting “while total budgetary authorities are increasing in this year's Main Estimates, the pace of growth in the 2024-25 Main Estimates has slowed compared to the pandemic years” and that “. . . for the first time since the pandemic, voted budgetary authorities have decreased compared to previous years’ Main Estimate.” The fly in the ointment is that those authorities still remain “roughly 50 per cent higher than in the pre-pandemic 2019-20 Main Estimates” and do not include new spending to be announced in the April 16 budget. The PBO fiscal outlook follows:
DMA ™ Program Orientation: Introducing the Retirement Income Services Specialist Program
There’s a new way to experience a Knowledge Bureau Education – completely risk-free! We just launched a new DMA™ Program Orientation experience to give you a feel for our Distinguished Master Advisor (DMA™) Designation Programs in each area of specialization and help you take the next step on your new pathway to specialized credentials. Take ten minutes and check out the Introduction to the DMA™- Retirement Income Services Specialist Program Orientation. Your experience includes an Orientation video, free course and calculator trials, and a special offer valid for 2 weeks from the launch date. Check out the details here:
