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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.
October 2024 Poll
October was small business month! Do you think more Canadians today are interested in starting their own businesses?
Life Purpose
“No one’s happiness but my own is in my power to achieve or to destroy.” - Ayn Rand
Tax Tips: What’s The Tax Filing Deadline: May 2 or June 15?
It’s really surprising how many people don’t know when the tax filing deadline is. CRA often mentions two dates: May 2 and June 15. Which is it for you?
T-Slip Preparers Face Big Penalties for Failure to File Online
It’s time to get those T4s and T5s out and here’s another reason from CRA to go paperless: Those who issue more than 50 T-slips for a calendar year on paper instead of by Internet file transfer or Web Forms, will be subject to huge penalties this year. All T-slips must be filed with the CRA by February 29, with the exception of T3 slips and T5013s, which are filed by March 31.
Underground Economy: Canada Has Second-Lowest Problem
The most recent statistics on the Underground Economy (UE) in Canada are from the year 2012, released in April 2015. The total underground activities were valued at $42.4 billion or about 2.3% of gross domestic product (GDP). A high of 2.7% was reported in 1994 and this fell to a low of 2.2% in 2000. However, after a brief uptick in the early 2000s the proportion remained relatively stable between 2.3% and 2.4%.
Understanding Indexing: How Does Indexing Work?
At this time of the year, tax advisors and their clients are familiarizing themselves with the indexing changes that have been applied to tax brackets, and refundable and non-refundable credits. Indexation is based on the consumer price index, but different formulas apply to different provisions.
