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.
Last month’s poll in Knowledge Bureau Report asked “Do you think that seniors over the age of 75 should continue to get the 10% increase in their Old Age Security benefits which began in July of 2022?” Overwhelmingly the answer was yes: 89% for it; 11% against. The comments that accompanied the vote were eye-opening.
In the April 2022 Federal Budget, the government announced its intention to add an additional tax on “luxury items.” This new tax was included in Bill C-19, which became law on June 23, 2022, and collection of the tax began on September 1. Items sold prior to September 1 are not subject to the tax even if delivery takes place after September 1.
With the recent spike in inflation, planners need to re-evaluate their financial plans. I’ve previously written about revisiting the long-term mortgage amortization projections with rising interest rates and the impact of rising costs to cash flow (With Mortgage Rates Rising, Revisit Financial Plans).
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Estate Planning: Finding Financial Peace of Mind Despite Next Gen Despair