Help & Contact: 1 866 953 4769
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.
December 2024 Poll
Should the $250 Working Canadian Rebate be passed into law to provide tax relief to individuals with working net income under $150,000, who also contribute to the CPP?
Revealed: Canada Carbon Rebate for Small Businesses
Approximately 600,000 Canadian Controlled Private Corporations (CCPCs) which filed their 2023 corporate tax returns by July 15, 2024, and who have fewer than 499 employees, will receive a Carbon Tax Rebate by the end of the year. The federal government held up payment of $2.5 billion for the past 5 years, and so for some, the payments can be significant. The President of the CFIB, Dan Kelly, who is a keynote speaker at the Acuity Conference for Distinguished Advisors (DAC) in Montreal, November 10-12, welcomed this news.
OAS Rises Close to 3% in Twelve Months
The federal government raised the Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits payable to seniors from October to December 2024 by 1.3%, based on changes in the Consumer Price Index (CPI). In total seniors will have received an indexing adjustment of 2.8% in the 12-month period from October 2023 to October 2024. Let’s examine who qualifies these benefits and how this indexing adjustment is calculated.
News for Rental Property Owners
Did you know that Canada now has a Blueprint for a Renters' Bill of Rights? It’s based on four principles the federal government wishes to align with a renter’s right to adequate housing. According to the government, the purpose of the Blueprint is to “express the Federal Government's policy objectives to build a national consensus to protect renters.” But what does this mean for rental property owners? You may wish to discuss this with your clients who have concerns about their ability to collect rents and improve properties.
Poll Respondents are Concerned about CRA Audit Powers
Are you concerned about taxpayer rights being eroded with proposals to expand CRA powers within the audit process? The pros are: 96% of Knowledge Bureau Report’s September poll said yes. Here were just some of their reasons why:
CE Savvy Summit: Get Ready for Year-End Tax Planning!
There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for individuals, investors and businesses in light of the substantive tax law change in 2024. Are you prepared to help? Join us for our next CE Savvy Summit on November 6 where Evelyn Jacks, Sharon Conrod, Doug Buss, and Special Guest, Kim G C Moody will discuss key year-end planning issues including retirement planning options, cross border taxation, and how Canada’s new capital gains inclusion rates and AMT will affect year-end tax planning. Register by October 15 for early-bird savings, and check out new team member enrolment options to save on your team training this fall.
