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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?
What’s In The Big April 30 Tax Bill – Register by May 15 to Decipher What’s New
Last week , on the tax filing deadline of April 30, 2024, the Federal Government tabled a 663-page Notice of Ways and Means Motion to introduce many of the provisions of the April 16 Federal Budget. Included in the Bill, the Budget Implementation Act, 2024, No. 1 were the following provisions; check out how they impact filing at the virtual CE Savvy Summit on May 22 – earn 15 CE Credits, too :
Bare Trust Compliance Threat Not Over
Although, in general, bare trust filings received a CRA reprieve for the April 2, 2024 tax filing deadline, other obligations remain and will carry non-compliance penalties. Specifically, CRA has stated that the T3 Return and Schedule 15 (Beneficial Ownership Information of a Trust) will not be required for the 2023 tax year unless the CRA makes a direct request for them.
The Increasing Reliance on Public Pensions: Things Have Changed
Things have changed for Canadians in their pre-retirement planning period. High interest, inflation and consumer debt are eroding away “savings room” for private savings, and longevity risk is increasing. As a result, preserving access to indexed public pensions – the CPP and the OAS - is now more important than ever in retirement income planning. Doing so is complex. That’s why, well informed tax and financial advisors can add significant value.
Financial Literacy: Why the Federal Budget Does it a Disservice
The April 16 federal budget proposed capital gains taxes that penalize those who have used their knowledge, skills and resources to make responsible financial decisions and has widely promoted tax and financial concepts that are not quite on the mark. That introduces the potential for three unfortunate outcomes: uncertainty that stifles investment and initiative, increased financial illiteracy and worse, potential injustices when tax changes are politicized to pit one generation against another. Fortunately, tax and financial advisors can help to restore shaken confidence in their important roles as educators and intermediaries. Here are the issues to consider:
The Secret Ingredient in Retirement Income Planning
Successful retirements, from a financial point of view, are about three phases of planning: pre-retirement, in-retirement and after-retirement. While a regular process for saving, investment performance metrics and deaccumulation methods are all very important, retirement income planning is really about one strategic goal: what matters is what you keep.
