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.
How much money can Canadians earn before they have to pay federal taxes? The answer lies in the structure of the basic personal amount (“BPA”) - an annual earnings amount that is anything but easy to understand; especially since all the provinces and territories have their own BPAs to add to the confusion. Here’s how to help taxpayer – especially newcomers to Canada – wrap their heads around this:
If you are hiring family members over the age of 25 you may need to justify that the payments, you have made are reasonable in order to avoid a Tax on Split Income or TOSI. Specifically, according to the CRA, the reasonableness of an amount paid to your family member will be evaluated based on one or more of the following criteria:
Striking a balance between upholding Canadian taxation laws and privacy concerns is challenging for policy makers and legislatures. On February 4th, 2022, the Minister of Finance released draft Income Tax Act legislation that increases reporting requirements for most Canadian resident trusts. The new trust reporting requirements will allow the Canada Revenue Agency to better combat tax evasion and increase clarity regarding beneficial ownership of assets.
Privacy of confidential financial data is an important issue to your clients and no wonder: Statistics Canada says that about 57% of Canadians online reported experiencing a security incident in 2018. Do you know how to avoid privacy risks that may arise in your business? A new online certificate course, Privacy Principles in Business addresses many of the security issues that concern business owners these days, and now you can earn 10 compliance credits from IIROC by completing this cutting-edge course.
We are excited to see you online on May 18, 2022 for the next Virtual CE Summit on Retirement and Estate Planning. Be sure to register by April 20 for early bird tuition fees for you and your team. The CE Summits are a blended learning event. What does this mean? It’s just an outstanding comprehensive learning opportunity for you in multiple components: