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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.
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?
OAS Benefits Will Increase in 2023
Old Age Security recipients will receive more on January 27, 2023, due to inflation indexing. But just how much more is more complex these days: it depends on your age – those over age 75 receive 10% more - and whether you have postponed receiving OAS to age 70. Here are the benefit amounts to watch for:
Prescribed Interest Rates Rises in First Quarter of 2023
Advisors should identify clients who have balances owing to the CRA as soon as possible in the new year to ensure they pay off their balance due and if they cannot, to advise on the most tax-efficient way to eliminate this expensive debt. Interest costs accrue daily at the current prescribed rate plus 4%. The new rates in effect from January 1, 2023 to March 31, 2023 will increase the cost of a debt to CRA significantly:
New! Renovation Tax Credit Starting in 2023
Are you renovating your home to make it possible to keep an eye on a senior or disabled adult? Then you’ll be interested to know more about a new refundable tax credit starting in 2023.
Tax Planning: How To Push Back on Economic Malais
Taxpayers need to quickly sharpen financial skills for the challenging times ahead, and a good way to start is to find the right advisor for their future, says Knowledge Bureau Founder and President Evelyn Jacks, best-selling tax financial author and award-winning educator. It’s also critically important for both parties to invest anew in their financial education, especially tax education, to push back on the economic malaise predicted for 2023.
Embrace The Side Hustle: Stand out in the competitive tax services industry
Looking to increase your income or revenues in a tax or financial services practice? Embrace the demand new small business owners of a bustling “side hustle” have for qualified corporate tax services. Kickstart your career, earn more with new credentials and maximize your potential as a confident tax knowledge leader. Become a Distinguished Master Advisor by taking the new DMA Corporate Tax Services Specialist Designation Program.
