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.
Knowledge Bureau Report asked its national audience “Do you believe the RRSP is still a good investment for pre-retirees who work after age 60?” last month and the results were surprising, given all the rhetoric around the use of RRSPs. A full majority – 74% said yes, but with lots of qualifications. Here’s why:
At year-end, the T4 summary is completed and sent to the CRA. The T4 forms are generated and sent to the employees before the end of February in the year following the payroll year. If the employer is late in completing the T slip summary and remitting to the CRA, depending upon the number of slips to be completed, an employer could see a penalty of anywhere from $10 to $7,500.
The Federal Budget of April 7, 2022 represents a much brighter economic outlook for Canada and contains a sprinkling of tax provisions that most importantly did not raise any tax rates or impose new capital gains taxes. However, there is a warning that this could be on the horizon as early as this fall.
The Finance Department has announced that the Federal Budget will be on April 7, 2022. Your Knowledge Bureau Special Budget Report team will provide full details. Then join us comprehensive analysis and CE Credits with Evelyn Jacks and the Knowledge Bureau Faculty at the May 18 Virtual CE Summit for the effect of budget and economic change on Retirement and Estate Planning.
On March 23, 2022, the Federal Government announced the increased payments for the Climate Action Incentive (CAI) for the 2022-23 period and some Canadian households will soon receive over $1,000. But not through their tax filings, a change from last year. It’s a recycling of federal carbon tax surtaxes. Here’s what you need to know: