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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?
Train Your Team with the Advanced 2024 T1 Tax Update Course
Did you miss the January 17 Virtual CE Summit? There are still ways to get your hands on the knowledge from the Advanced 2024 T1 Tax Update for 2023 Returns and learn your way, at your own pace from the convenience of your home or office.
It’s On! The T1 and the 104 Page Tax Form
Talk about long! Did you know that Form T2203, Provincial and Territorial Taxes for Multiple Jurisdictions is 104 pages long? The new form, just released online, together with the 2023 T1, provides an excellent scope on just how complicated tax filing really is in this country. It also makes it clear how critical it is for tax and financial professionals to take an annual Advanced T1 Tax Update course to perform with the high level of competency required to offer tax filing and planning services. Here’s what you need to know:
Claiming Child Care Expenses? Surprises Await
Childcare expenses are claimed as a deduction on Line 21400 of the tax return and that’s important because these costs reduce family net income, which is the number used to calculate the monthly Canada Child Benefit (CCB). But guess what? If you qualified for the new $10 a day childcare, or you spent less on child care in 2023, an unpleasant surprise may be coming your way.
January 30: Pay Interest on Spousal Loans
At rising prescribed interest rates, interspousal investment loans have not been as lucrative for income splitting purposes as in years past. Nonetheless if you have one, beware that the borrower must pay the lender the interest due on the loan by January 30 or the arrangement will be nullified. You may wish to refresh on the rules:
Tax Tip Toolkit: Need Fast Answers to Tax Questions?
Did you know that CRA has fielded over 8 million calls in past tax seasons, often with complaints as to wait times and quality of their answers? Perhaps that’s the reason their phone number has been removed from the tax return this year, preferring to sending people to the their website instead. But when 25% of Canada’s 32 million taxfilers must rely on current, accurate and prompt answers to their tax questions in a very short period of time, professionals will have to pick up the slack. Fortunately, you can cover your bases with The Tax Tip Toolkit, which includes access to Evergreen Explanatory Notes, your authoritative tax research library. Plus, the Knowledge Bureau Discovery Calculators. Subscribe now!
