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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?
Poll Results: RRSP vs TFSA for Middle-Aged Clients?
In February we asked KBR readers to weigh in on the following poll question: “The RRSP deadline for the 2023 tax year is February 29. From a wealth planning perspective, do you think middle aged Canadians should invest in a TFSA instead?”. The opinions were mixed with 64% answering “yes” in favour of the TFSA over the RRSP. As always, the important details are in the insightful comments left by our readers from the tax, accounting and financial services, and many pointed out it depends on “Know Your Client”. Check them out:
Perplexing Tax Law: Denying Tax Deductions on Non-Compliant Short-Term Rentals
Short term rental ownership has doubled from 7% to 15% in the period 2017 to 2021. The federal government plans to deny tax deductions otherwise claimable to reduce income earned in the case of non-compliant short term rental owners starting in the 2024 tax year. This measure introduces significant complexity to an already perplexing tax regime for real estate owners and their accountants at a time when the outlook for growth in this market may be subsiding. Here’s what we know and why there may be a good argument for scrapping this tax entirely:
Last Call: Why the RRSP is So Important
Times are tough but there are some things that are just too important to pass up on. One of them is the RRSP contribution for the 2023 tax filing year. The final deadline for reducing your 2023 taxes is February 29 this year. That’s a Thursday and here are 9 great reasons why you shouldn’t miss this opportunity.
CERB Repayments & Tax Time Confusion
Expecting a tax refund or GST/HST payment? You may not get it if you owe money to the Canada Revenue Agency (CRA), including repayments of the Canada Emergency Response Benefit (CERB) and other pandemic supports you may have received. Here is what you need to know and why contacting the CRA is so important to get on better financial ground in 2024:
The “Three Certainties” of Trusts
How does a person know whether a trust exists or not? The answer to that question can at times be more complicated than you’d imagine. There are occasions where a written document, such as a Will, very clearly purports to establish a “trust” but fails to do so. There are other occasions where there is no written document present at all, but nonetheless a trust relationship is deemed at law to have arisen. In some provincial jurisdictions, a trust to hold land cannot be validly created unless there is a written document in place.
