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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?
DAC RWM™ Panel Featuring Name in Lights Winner, Ian Wood!
Ian Wood, winner of the RWM™ Name in Lights Contest, joined the Society of Real Wealth Managers™ because he believes in the importance of the multi-stakeholder collaborative approach taught used and enjoys being part of collaborative teams with other members. Ian will be a featured expert on the panel “Planning for Disability: A Multi-Advisory Case Study” along with Kristin Ramlal and Doug Buss at DAC Acuity 2022, October 16-18 in Niagara Falls.
Summer School 2022: Time to Soar Higher!
Knowledge is powerful when shared and summer is the prime time to enhance your own and train your team with Canada’s most up-to-date and comprehensive online tax and financial courses. Multiply your personal development and your business opportunities, too. Save $1,000 when you enrol in a Fast Track Designation Program by June 30.
Tips for Managing Tax Debt: Over 7 Million Owe Nearly $7,000
As Canadians face both soaring temperatures and a summer of rising prices, there is another hot issue emerging: tax debt. Of the 28 million returns filed as of June 13, just over 7 million of them had an average tax debt $6,739. With the proprietorship deadline of June 15 ending last week, this tax debt – and the number who owe it could increase. It’s the first type of debt to pay attention to. Here’s why:
Disability Tax Credit – What’s Current, What’s New and When
Taxpayers in Canada who have a severe and prolonged impairment of physical or mental function will qualify for the disability amount if they get their doctor (or nurse practitioner) to attest to that on Form T2201 Disability Tax Credit Certificate, sent the completed form to CRA and CRA approves the claim based on the T2201. The April 2022 Federal Budget introduced a number of changes to the criteria for eligibility for the credit, but these will only be available once the legislation (included in Bill C-19) receives Royal Assent. This is imminent at the time of writing. Here are the details:
Disability Income Supplement: New Income Source for Those Under 65?
After spending close to $12 million to reform government processes and rollout new federal disability programming, the government reintroduced legislation to create the New Canada Disability Benefit (CDB) on June 2. It is meant for those under age 65, but it is unclear when this new income-tested source will actually be in the hands of the disabled and in what amounts. Here is what we know so far:
