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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?
Advisor’s View: The Somber State of Small Business in Canada
The health indicators for small business in Canada show weaknesses that should be of concern to all Finance Ministers who face their own challenges in offsetting growing deficits and debt service costs with economic growth. From new bankruptcy statistics (see below) to CFIB’s Business Barometer for March, the business outlook, at least in the short term is somber. In addition, 77% of advisors who answered Knowledge Bureau Report’s March poll, believe the recent CEBA deadline will push more into bankruptcy.
Be an Influencer: Share Tax News
In March, we asked our Knowledge Bureau Report readers to share why they subscribe to our weekly breaking tax and financial news. The feedback is in: not only is it an invaluable resource for tax, accounting and financial professionals in their own practice, it helps create more informed and empowered taxpayers. Check out their comments, and we invite you to take this opportunity to share the subscription with your clients.
Help Business Owners Stay Onside with the CRA as a DMA™
Especially in light of family business tax changes; and new technology advancements at CRA, a financial intermediary who can integrate advice on all aspects of a financial transaction – from banking to tax reporting - will be well positioned to help both new market entrants and older clients with tax problems it’s high value advice that crosses all demographics. Take 10! Join us for an interactive DMA™ Program Orientation and become a DMA™- Accounting Services Specialist.
Moving expenses: One of the Oldest Yet Most Missed Deductions
Did you know that the moving expenses deduction has been around since the 1972 taxation year? It was one of the original provisions of the Budget 1971 – which introduced the last major tax reform in Canada. It was originally intended to recognize the expenses incurred in moving to a new job or educational institute to study and since has been extended to include moves to new locations for self employment purposes as well. About 85,000 people claimed this deduction based on most recent statistics and it is quite lucrative. Here’s what’s claimable:
Tax Season: Can I Claim My Dog?
I have heard and seen a lot of funny things on planes, trains and other modes of transportation, but a memorable episode recounted by a fellow traveller involved an emotional support turkey firmly grasped by its owner who was afraid of flying. It reminds me of a question I often get: can I claim my fur-baby on my tax return. In some cases, the answer is yes.
