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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%
 

Cast Your Vote

Deadline January 30:  Interest on Spousal Loans

Did you set up an inter-spousal loan to do some investment income splitting last year?  You would have been wise to do it within the first two quarters of the calendar, when the prescribed interest rate was 1% – compared to 4% today. Also wise: The borrower must pay the lender the interest by January 30 – less than a week away – or the arrangement will be nullified. 

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Tax Season 2023 - Get Those Auto Logs Ready!

Taxpayers who claim auto expenses, commonly commission sales people, the self-employed and employees who wish to reduce their annual auto standby charge on their employer-provided vehicle, will know that keeping an auto log is mandatory to succeed in a CRA review of their tax filing.  But after a “pandemic holiday” on keeping strict records, tax filers will have to create a new base year log to meet audit requirements.

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Taxpayer Relief Provisions: How To Use Them

Did you know there are taxpayer relief provisions to lean on if you have run into hard times and can’t pay your tax bill?  But you’ll need to understand the fine print – financial hardship isn’t usually a good enough reason not to pay, and you’ll always have to pay the taxes.  The relief CRA can grant you is limited to waiving penalties and interest. Here’s how to access these rights:

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Need Fast, Authoritative Answers to Tax Questions?

If you’ve been following the news, and you rely on CRA for tax answers, you may be feeling a little nervous about this headline: CRA workers want 'unprecedented' pay raise of more than 30% over 3 years. Regardless of your opinion (advocates say it’s needed, critics say it would 'gouge' taxpayer), tax pros are frustrated with long CRA wait times. What happens if there’s a strike?  Cover your bases with Evergreen Explanatory Notes, your authoritative tax research library.

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Last Chance:  The Advanced T1 Tax Update – Two Opportunities to Train Your Team

Tax season is just around the corner and now is the time to train new and returning staff to confidently prepare a deep and broad spectrum of returns for employees, families, investors, business owners and retirees.  There are two opportunities to learn:  in person on February 7 in Toronto and conveniently online any time with recorded presentations.  Early registration deadline for tuition savings is January 31. 

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