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.
The first ‘record’ of accounting dates back as early as the Mesopotamian civilization, where simple documentation was maintained in the books. Around the 15th century, an Italian monk named Luca Pacioli, considered the father of accounting, developed the double-entry bookkeeping system, which changed the accounting landscape completely. The evolution of bookkeeping has a come a long way from the 15th century when accounting ledgers were completed by hand, compared to today’s digitized process.
CIBC’s latest annual Financial Priorities poll holds some disturbing revelations. When survey respondents were asked how they are determining how much money they will need to retire: A shocking 33% indicated they are using their “best guess” and only 14% indicated they are arriving at a number with the help of an advisor.
With high inflation rates, currently 5.9% on average across the country – all Canadians are feeling the pinch. One could argue that those earning an income that varies significantly year-to-year are being hit even harder.
Did you move during 2022 to take a new job or start a new business or even to go to school? If so you may be eligible to claim a host moving expenses on your tax return. But the time to get your receipts together is now!
Do you pay union dues? Then you will qualify for a tax deduction and possibly a GST/HST rebate. Here’s what you need to know: