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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.
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?
When Are You Considered to Be In the Business of Buying and Selling Real Estate?
Lots of people like to dabble in real estate when markets are hot. The issue for tax filing purposes is whether you held the property for personal use, as a passive investment or whether you are in fact in the business of buying and selling real estate.
Capital Losses Not Worthless
Capital losses are important. They can offset capital gains of the year, the prior three years or any future year.
Business Owner Reduces Taxes with Income Splitting
Steve currently makes $84,000 in his small unincorporated business in BC; he wants to pay his new wife Carin half this amount, as they work together in the business. How much will the family save on taxes if they split income?
What is the Maximum Claim for Adoption Expenses?
Either parent may claim the costs of adopting a child or they may split the costs as long as no more than the actual amount spent is claimed.
Gambling in the U.S.? Know Your Tax Obligations
Many people have the misconception that gambling winnings are only taxable in the U.S. if you are a U.S citizen or resident, and that is simply not true.
