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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.
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?
Halfway Mark: Tax Season is in Full Swing in Canada
CRA has received approximately 14.6 million tax returns so far this year, representing approximately half of the returns filed last year. It is clear that tax accountants are in their annual overload mode as 56% of returns received have been efiled, and despite the recent federal budget public relations push for the File My Return (FMR) for simple tax returns, the uptick has been lacking. Taxfilers who are receiving refunds are getting an average of $2,066 and those who are paying owe an average of $4,330.
Tax Tip: Reporting Income and Expenses from Rental Properties
Did you know that almost 8% of Canadian families have recently declared rental income on their returns and that the highest number of those are from the Vancouver area – where over 11% of families report rental income? This is from a Stats Canada study released in November of 2022, which also notes that the income was not high – a median amount of $2,750 in 2020. However, the audit potential is high. Here’s what you need to know to satisfy the tax auditor:
Tax Traps: Claiming Expenses on Rental Properties
Who are the landlords in Canada today? Stats Canada has found that just over four in five rental income earners were in couple families (81.0%), about 48% were aged 45 to 64 and most lived in Toronto (21.2%), Montréal (13.5%) or Vancouver (10.7%). Net rental income was just under $5,000 for profitable ventures, but for the others, median losses of just over $3,000 were reported. Of course, those losses could come under the scrutiny of a tax auditor, as some expenses are claimable, some are restricted and some are capital in nature. What’s claimable is discussed below.
Introducing the Speakers of the May 24 Retirement & Estate Planning Update
Will the March 28 Federal Budget further erode Canadians’ accumulated wealth with new taxes, alongside the continued inflationary and interest rate pressures that already have a significant affect? Find out the answers to this and much more at the May 24 Retirement and Estate Planning Update… a CE Summit Hybrid Learning Event, featuring the thought leadership of best-selling authors and educators in Canada. Register now!
How Can You Fund Your KB Education?
There are numerous funding options to help make your professional studies more affordable, including financing available through Knowledge Bureau, funding through each student’s own tax-assisted savings plans, and tax assistance through various CRA tax incentives. However, what can be deducted depends on who you are and what programs you will be involved in.
