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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.

This Week’s Edition of KBR:

April 2025 Poll

Do you believe our tax system needs to be reformed and if so, what would be your first improvement? If not, what do you like about it?
Yes: 54 votes
98.18%
No: 1 votes
1.82%
 

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Need Fast Answers to Your Clients’ Tax Questions?

The new KB Tax Tip Toolkit gives you fast answers to your tax questions and you’ll earn up to 30 CE credits using it, too! Receive three great solutions at one great price: professional tax research library, powerful tax planning calculators, and CE accreditation. Regular fee: $1,149… now until April 30 only $795.

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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.

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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%).

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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. 

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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:

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