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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?
KBR Special Report on the UHT
Picture this, you’re in a rush so you check your driving app to find the quickest route to your destination. You’ve got the car packed and you are on your way. The drive is going well, and you are on track to make it to your destination just in time; that is, until you hit a couple of construction detours.As you sit in traffic, you wonder why the app sent you down a road that wasn’t ready for traffic? This is the feeling many taxpayers and their advisors are having as they try to comply to file form UHT-2900 by the October 31 deadline this month.
Millennials and Bankruptcy
The Millennials, children of Boomers and GenX, parents of the Alpha Gen, are the fastest growing population in Canada, at 33.2%, and are part of the cohort that is the median age in Canada in 2023: 41 years. A recent study found millennials were 1.4 times more likely to file for insolvency than Gen X aged 42 to 56, and 1.7 times more likely than baby boomers aged 57 to 76. Insolvent millennials were on average 33 years old and owed an average of $47,283 in unsecured debt. They need financial planning help, especially to understand their continued access to refundable benefits.
How to Reduce Interest and Penalties at CRA
It goes without saying the filing tax returns and elections on time will help taxpayers prevent the punitive late filing penalties. But, if the filing deadline has passed, look to the Voluntary Disclosure Program to see if you qualify to reduce penalties when late filing. And then, if a return has been filed late, look to the Taxpayer Relief program to see if you qualify for tax forgiveness. The following are a summary of the programs.
Year End Tax Tip: Write Off Your Digital News Subscription
Did you know that effective starting in 2020 and before 2025, it’s possible to write off your digital news subscription as a non-refundable tax credit? Did you miss writing it off in the past couple of years? You can adjust your tax returns back to 2020 and get a tax refund. Here are the details:
Poll Results: Canadians Lack Trust with CRA
We asked tax and financial professionals whether they believe Canadians have trust in their tax department, and surprisingly over 75% said no. Do you agree? Check out some of the many interesting comments we received.
