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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.
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?
KBR Special Report - Tax Assistance for the Disabled
There are 6.2 million persons with disabilities in Canada, 23% of whom live in poverty. And, more shocking is the fact that 13.1% of young people age 15 to 24 years, are living with a disability, comprising of 4.1% of the population. The Canada Disability Benefit (CDB) was into law on June 22, 2023 to help. But the fine details are still sketchy. The payments are not expected to start until December of 2024. Still, tax assistance is possible and an important part of year end tax planning. Subscribe to KBR to receive your copy of this special report directly in your inbox!
Significant CPP Premium Hike Arrives in 2024
In June 2016, federal and provincial finance ministers agreed on enhancements to the Canada Pension Plan (CPP). The goal was to increase the pension available to the current generation of workers from the 25% of pensionable earnings to 33% of pensionable earnings. But this has come with substantive premium increases, and starting in January of 2024, a second tier of additional premiums for higher earners. Small businesses and the self employed will be particularly concerned about these increased premiums, which were officially announced on November 1. Here are the details.
Year End Planning: Tapping into the RDSP
What are the rules on withdrawal? Maximum annual withdrawal amounts are established based on life expectancies but an ability to encroach on capital is also to be provided. Only the beneficiary and/or the beneficiary's legal representatives can withdraw amounts from an RDSP.
Professionals Say that Carbon Tax and the CAI Payment Need a Rethink
In October, we asked tax and financial professionals “ In your opinion, is the Climate Action Incentive Payment enough to offset the rising cost of carbon taxes?” The fact that 89% felt it’s not sufficient was not surprising but the comments present some interesting insights on the challenges and potential solutions.
Prepare for New Tax Eroders Before the 2024 Season Begins!
Yesterday’s CE Summit: Year-End Tax Planning was a hit, and it’s only the beginning of the professional development options available from Knowledge Bureau to give you the tools you need to help a variety of client profiles this upcoming tax season. Take the micro-course collection, New Issues in Year-End Tax Planning and join us at the January Advanced T1 Tax Update, which will be held virtually, as well as in Toronto and Calgary. Save on tuition with an event pass, and take note of early-bird deadlines.
