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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.
January 2025 Poll
Do you agree with extending the charitable donations giving deadline to February 28, 2025 for the purposes of reducing taxes on the 2024 tax return?
Updated Course for New Entrants in the Accounting Field, Now Available!
The tax and accounting profession is facing a severe crisis due to a shortage of qualified accountants, according to a report from the Association of Certified Professional Accountants, and Knowledge Bureau can help. In fact, a new version of our popular certificate course, Bookkeeping in a Digital World has just been released, and is ideal for new entrants into the accounting field. Start here and then continue on your pathway to earning DMA™ Designation. Check out the details below:
Currency Risk a New Concern for Canadian Retirees
It’s been an expensive year of wealth erosion for Canadians, with new taxes and lingering inflation. From a year end planning perspective, are there tax strategies to consider with a new economic trigger; that is, the drop in the value of the loonie to a level even further than 4 year lows posted at the end of October, as the threat of tariffs to be imposed by the U.S. are increasing. Here are some things to consider:
Santa or Grinch? A Tax Break for Some, New Costs for Others
As with all things tax, the federal government’s recent announcement of a $250 Working Canadians Rebate comes with confusion and complexity. The provision was effectively halted in the House of Commons less than a week after its announcement and is now in jeopardy of coming to fruition for 2025. Here’s what you need to know however, to prepare to receive it, should the Liberals and NDP parties come to agreement on its structure:
Bill C-78 and the Finer Details: The GST/HST Holiday
Bill C-78 introduced on November 27 to suspend the GST/HST on a wide variety of goods from December 14 to February 15, 2025 appears to be moving ahead in the House of Commons on a fast track. The provisions deserve a deeper dive, however, as this comes with a multitude of significant future costs including unwelcome new tax audit risk for retailers. Here’s what tax advisors and their clients need to know and plan for before the end of the year:
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