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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.
March 2025 Poll
In your view, has CRA improved its services to clients and tax preparers this year?
Household Debt Growth Outpaces Growth in Assets and Income
Perhaps it’s the Christmas spirit. Canadians appear to be putting the warnings to curtail their debt and prepare financially for tougher times on the back burner. This according to Statistics Canada, which just released the disconcerting news that the ratio of household credit market debt to disposable income rose to 163.7% in the third quarter of 2015. That’s up from 162.7% in the second quarter. Credit market debt includes consumer credit, mortgage loans, and non-mortgage loans.
Federal Government Takes Action to Stabilize Housing Market
Buying real estate in 2016? Be prepared to come up with a bigger down payment. Changes to government-backed mortgage insurance rules were announced last week to maintain a healthy, competitive, and stable housing market.
CRA Announces Interest Rates for First Calendar Quarter
On Dec. 15, the Canada Revenue Agency (CRA) announced the prescribed annual interest rates in effect from January 1 to March 31, 2016, confirming there are no changes to the prescribed interest rates since last quarter with the exception of one category: the interest rate for corporate taxpayers’ pertinent loans or indebtedness.
Government Comes Through on Promise to Simplify T1135
Last week, form T1135 “Foreign Asset Verification Statement” was released for 2015. As promised, the form now includes a simplified method for reporting assets where the taxpayer owns specified foreign property with a cost base of more than $100,000 but less than $250,000.
A Great New Way to Earn CE/CPD Credits from Knowledge Bureau
Knowledge Bureau is excited to introduce a new convenient, online learning opportunity: continuing professional education on video – a great new way to earn 6 CE/CPD Credits.
