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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?
Get Tax Season Ready with a CE Summits Duo
There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for investors and owner managers. Are you prepared to help? Take a duo of CE Summits with Knowledge Bureau this November and January and get the tools you need to help a variety of client profiles. Plus, you save on tuition with a Duo CE Summit Event Pass!
DAC Acuity 2023: Meet Our Bronze Sponsors and Media Partners
Don’t miss the opportunity to mingle with members of our DAC 2023 bronze partner organizations in Banff this November 12-14. We’re pleased to welcome back Fraser and Partners, Manulife Bank, The Institute, and Investment Executive and Advisors’ Edge as our exclusive media sponsor for our 20th anniversary extravaganza! Final registration deadline for tuition savings: October 30.
Year End Planning: CCA Tax Breaks Phasing Out Soon
It seems like a long time ago. On November 21, 2018, the federal government introduced an Accelerated Investment Incentive (AII) to enhance first-year Capital Cost Allowance (CCA) claims and allow for businesses to fully expense new asset acquisitions, certain machinery and equipment, including clean energy equipment. Some of these tax incentives will start phasing out after 2023, making this year end an important one for new investments. Here’s an overview. Be sure to book time to have these important discussions with your business owner clients soon.
Jurisprudence: How Taxpayers Fare in Court
When it comes to CRA, it will almost always be very costly to challenge reassessments in court. Two recent court cases proved an old adage: you win some, you lose some. In the first case, a taxpayer tried to shift the burden of proof to their accountant and in another case when hardship was given as the reason for filing GST/HST and T1135 returns late. The silver lining is that the legal costs are deductible. Here’s what happened:
U.S. Gift Tax – What it Means for Canadians
The U.S. Gift tax is one part of the American transfer tax system. It was introduced in 1932 as a backstop to the U.S. estate tax. Without the gift tax, large estates could be reduced by simply giving everything away prior to death. The gift tax was and still is not meant to raise revenue per se. Do Canadians have to worry about having to pay this tax? Possibly. Here’s a primer of what you need to know.
