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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?
Claim tax credits in year paid
Claims for the Children’s Arts and Children’s Fitness tax credits are based on when the payment is made, not the year in which the activities are scheduled.
Income Tax Act’s new anti-avoidance provisions
If the federal government decides to crack down on “aggressive” tax avoidance transactions, does it signal a sea change for advisors or is it really much ado about nothing?
Taxing retroactively is legal
Imposing taxes retroactively seems contrary to a rational, moral approach to taxation, but it is legal.
Taxpayer relief for 2002
Taxpayers and all tax registrants have until Dec. 31, 2012 to file requests under the taxpayer relief provisions for the 2002 tax year and any reporting period that ended during the 2002 calendar year.
“Break fees” taxable as income
If a company receives a “break fee” in a failed takeover attempt, that fee is income for tax purposes, not a capital gain or a non-taxable “windfall.”
