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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?
Post Tax Season Audit Activity in Full Swing
CRA typically moves into a “post-payment” verification mode after tax season and this year they are well armed with new data collected electronically from 93% of all tax filers and new funding, too. That means tax and financial advisors can expect to hear from clients for audit assistance and/or direction on the most appropriate savings account to tap to repay their refunds or benefits – all adding to the inflationary pain Canadians may already be feeling. Here are the tax filing stats to August 27, 2023 and an insight into the audit plans that are coming.
CRA: Don’t Mess With Trust
CRA recently paid over $122,000 for a report, Underground Economy In Today’s Post-Pandemic Environment. Curiously, as part of its research, it wanted to find out if accountants would identify small business owners who do not pay their taxes, according to news reports. Upon reviewing the CRA’s 2023-2024 departmental plan in preparation for the September 20 CE Summit on Audit Defence, it begs the question: why would CRA want to erode trust amongst stakeholders, when overall participation in the tax filing requirement is so high? Check it out:
Poll: Is One Co-Hort Better Prepared for Retirement?
Tax and financial advisors agree there is a retirement crisis, but the consensus was more split when our August poll question asked “The average retirement age of the self-employed is 68.4 – 5.7 years after those in the public sector; 3.7 more than in private sector. Is one co-hort better prepared for retirement than the others?” The majority at 67% agreed, but many commented that financial literacy is a contributing factor. Read on to check out the comments.
Re-Imagine It: Design Your New Life at DAC 2023
Image waking up to a normal day of driving your cab, only to be involved in a devastating accident in a train that leaves you in a hospital bed for 5 years at the age of 32. How do you break free to transform your future, when you don’t know if you will ever walk again? Hear the inspiring story of how one man with a high school diploma transformed himself to become an accountant, financial advisor, investor, and thriving entrepreneur of 6 office locations and more to come. Learn how discipline, vision and focus made the difference for Mandeep Duggal, President of Pro Tax Block and his remarkable family only at the 2023 Distinguished Advisor Conference in Banff. Early-bird registration ends September 30.
Professional Development - Celebrate and Build on Your Achievement!
Knowledge is cumulative. . .and only valuable if shared. That’s why your Continuing Professional Development is such an important investment in your future. Knowledge Bureau graduates and designates: now is the time to build on those accomplishments, take the next step in your CE and make a big difference both in your career and in your community. Designates, if you have not already done so, be sure to meet your grace period for re-licensing, which ends October 31.
