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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.
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?
Canada Manitoba Job Grant: Intake 1 for 2023-24 Now Open!
The Canada Job Grant is a collaborative program between the federal and provincial governments designed to assist employers and employees in developing skills for success. The program is available in most provinces, and Manitoba just announced that intake 1 for the 2023-2024 Canada-Manitoba Job Grant is now open! Eligible training dates include training that began on or after April 1, 2023 and ends on or before March 31, 2024.
Continuing Education for Advisors of the Future
Is it time to differentiate your financial practice? Take an academic path leading to specialized designations and arn new credentials towards your DMA™ Designation. You’ll master the knowledge and skills that will yield immediate results for you and your clients, at a special tuition price when you enrol by April 28. Select any two certificate courses of your choice for only $1,190 (save 34%).
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.
