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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.
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?
Entertaining? What are the Rules to Writing Off Hospitality, Meals, and Entertainment?
CRA issued IT 518 to overview their position with regard to the deductibility of food, beverages and entertainment. Reasonable amounts may of course be deducted, if incurred to earn income from a business or property.
Understanding Segregated Funds
Investors seeking safety and guarantees often have segregated funds in their non-registered investment portfolio. Segregated funds are mutual funds wrapped up with a life insurance policy to provide a death benefit as well as a guarantee of principal.
Manage Instalments: Avoid a Balance Owing of More than $3,000
Avoid owing more than $3,000 at your balance due date.
Year-End Planning: Verify Charitable Status
Year-end is charitable giving time, but remembering to verify the tax status of any organization that you intend to donate a considerable sum to is very important as not all benevolent oriented organizations will allow a tax credit under the Income Tax Act. Last month, a hopeless appeal was lost in the Tax Court of Canada, for example.
Tax Free Savings Accounts at Death
If a surviving spouse or common-law partner is designated as a successor holder of the TFSA either in the TFSA contract or in the deceased taxpayer’s will, the successor becomes the owner of the TFSA.
