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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?
Mark Your Back to School Calendar
Benjamin Franklin, who helped draft the American Declaration of Independence on July 4, 1776, also had a knack for memorable sayings. “There is nothing certain but death and taxes” is likely the best known. But another notable favorite is “An investment in knowledge pays the best interest.” It serves as a gentle reminder that you can jump start your “back to school” activities right here at Knowledge Bureau. Check out our new courses and educational calendar all leading down the pathway to Specialized Credentials and Continuing Education Credits. You can register now, start today and study from anywhere with convenience online training options, plus earn close to $800 of bonus savings when you register in a designation program:
Next Week We Are Taking a Break!
“Renewal is the principle—and the process—that empowers us to move on an upward spiral of growth and change, of continuous improvement.” This powerful quote from Dr. Stephen R. Covey speaks volumes: everyone needs to take a break. We are too at Knowledge bureau Report – we’ll be back with breaking tax, investment and practice management news for professionals and their clients on August 2. In the meantime, if you’re itching for some great educational reading, check out these great learning options from our CE Savvy Micro Course Collections.
Gen Z: They Need Tax and Financial Services, Too
Gen Zs are a very special cohort, and tax and financial who are future-focused will want to pay special attention to their tax and financial needs. Age 18-34, these individuals are facing massive changes in their lifetime, at a time when life should be filled with the joy of embarking on the road to independence. No surprise: this generation is filled with financial anxiety. Worse still, many of them already have CRA problems.
Bankruptcy: The Role of Parents in Assisting Their Children
The rising wave of insolvencies in Canada, which we discussed in part one of this three-part series, has left many families grappling with financial difficulties. This increase has been predominantly driven by consumer insolvencies, which have increased by 13.8% from May 2022 to May 20231. Amid this financial turmoil, it has become increasingly common for parents to dip into their retirement savings to bail out their financially distressed adult children. This article, part 2 of 3, seeks to explore the option of bankruptcy and its implications, and why parents might want to consider guiding their children to speak with a Licensed Insolvency Trustee instead of outright financial rescue.
Insolvent Millennials – Tax and Student Loan Options That Can Help
A study conducted about six months ago found that on a per-population basis, millennials were 1.4 times more likely to file for insolvency than Gen X aged 42 to 56, and 1.7 times more likely than baby boomers aged 57 to 76. Insolvent millennials were on average 33 years old and owed an average of $47,283 in unsecured debt. Now, with the summer upon us, and tax season behind us, the time is right to meet with these stressed generations and find out whether the tax system can help and whether their student loans can in fact be forgiven. Check out this summer checklist of important actions for potential insolvents:
