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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?
CPP: Second Tier Rate Hike 6 Months Away
Both the CPP and EI contributions – which are mandatory – rose in 2023, reducing the take-home pay for employees. But cash flow erosion from these payroll taxes is only increasing: the second tier rate hike on CPP contributions is only 6 months away. That’s going to affect small business owners and higher earners, as well, who will each pay 4% more above the first earnings ceiling (YMPE) and up to the amount of a second earnings ceiling (YAMPE). Here’s what you need to know, as you council clients to clear up debt and accelerate RRSP/TFSA/FHSA savings in anticipation of these changes:
Tax Freedom Day in Canada: June 17
This year, Tax Freedom Day for Canadians fell on June 17, 2022, which is four days later than last year, and almost a full two months later than the US hit the same milestone on April 18. That means when you add tax and inflation together, Canadians have a more compelling financial issue than our neighbours to the South. For those reasons, working with tax and financial advisors is critical as there are many opportunities to save money on taxes and benefit from generous tax credits here in Canada. Professionals can make sure Canadians don’t miss out in these expensive times.
Canada Manitoba Job Grant: Intake 1 for 2023-24 Is Open!
The Canada Job Grant is a collaborative program between the federal and provincial governments designed to assist employers and employees in developing skills for success. The program is available in most provinces, and Manitoba just announced that intake 1 for the 2023-2024 Canada-Manitoba Job Grant is now open! Eligible training dates include training that began on or after April 1, 2023 and ends on or before March 31, 2024.
Designate Relicensing Deadline Ahead: 3 Ways to Earn CE by June 30
Designates – it’s almost time to relicense your specialized credentials! Check out verifiable and non-verifiable options at special tuition prices until June 30 to earn CE and use your exclusive VIP Designate tuition rates you can use to enrol yourself or train your team.
June 15: Tax Season Comes to an Official Close
Proprietors – unincorporated self employed people – must file their personal tax returns by midnight June 15 to avoid paying late filing penalties. Unfortunately, those who owe will already be incurring high interest charges. What does post-tax season planning mean for those who owe and those who received their refund? You can provide guidance – some ideas follow:
