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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.
December 2024 Poll
Should the $250 Working Canadian Rebate be passed into law to provide tax relief to individuals with working net income under $150,000, who also contribute to the CPP?
Combined Family Net Income is Required
You can have zero income and pay zero taxes but still receive refundable tax credits in Canada—simply by filing a tax return. But because many of these credits are based on “family” rather than “individual” net income, you and your spouse need to file tax returns together.
Quell Uncertainty with an Advance Ruling
Advance income tax rulings can be a useful tool in business and personal wealth planning because they provide certainty and confidence.
What Happens to Joint Subscribers When an RESP is Terminated?
What happens with accumulated income payments from a Registered Education Saving Plan (RESP) when the plan is a joint plan?
Reduced Net Income Pays Off in Spades
Keep an eye on net income, Line 236 of your T1 return. It’s one of the most important lines because of its impact on the size of your refundable and non-refundable tax credits.
No hiding behind inadequate records
A recently released judgment from the Tax Court of Canada testifies to the importance of good record-keeping and exemplifies a clever method that the Canada Revenue Agency (CRA) invokes when investigating taxpayers who hide behind inadequate records.
