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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.
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?
Waiving Penalties Stemming from Payroll Audits
On occasion, a business will be selected for a review of their books and records by the CRA. This is called a payroll examination, and the goal is to ensure compliance with respect to deductions and remittances, for your payroll account.
Breaking News: Bank of Canada Increases Benchmark Interest Rate to 1%
In an anticipated move intended to help rein in inflation, the Bank of Canada announced an increase of the benchmark interest rate by half a percentage point to 1% this morning. It’s the biggest increase from the central bank in more than two decades.
The Fine Print Matters: New Tax Deductions for Employees
The April 7, 2022 Federal Budget introduced a new tax deduction for employees which will be in effect starting on January 1, 2022, assuming Royal Assent will be received. With the exception of some simplified filing opportunities, most employee deductions will require receipts and a signed tax form from the employer. It is expected this will be no different for the new Labour Mobility Deduction. Here are the details to know:
Surrogacy Costs: Parents to Receive Tax Credits
Paying a surrogate to bear a child is illegal in Canada. Yet, the Nova Scotia government recently introduced a new refundable tax credit for surrogacy-related medical expenses, a first in Canada. The federal government, too, proposed a similar provision in the April 7 Federal Budget, to provide for tax relief for reimbursements paid to the “patient”, the surrogate.
Interest Deductibility: Building Acquisitions
At a time when interest rates are rising, a more common question from investors in real estate may concern interest deductibility. When is the interest paid on a loan to finance a building or its construction, written off as an operating expense and when must it be capitalized? Most people are unaware of the latter option.
