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.
Tax season is now in full swing, according to the most recent 2022 season filing statistics from the CRA. As of March 7 almost 2.5 million returns had been filed, with over 95% through electronic filing methods E=File and Netfile. As we approach the height of the season, does you team have the necessary resources to deal with the demands?
Did you know the federal government intends to double the Home Accessibility Tax Credit for tax year 2022? This week’s tax tip is relevant to caregivers and those age 65 or older. You may even be eligible to make a claim this year. Here’s what you need to know:
When should I tap into the CPP? Should we sell our principal residence? Will my retirement portfolio withstand current market volatility? Canadians who save for retirement are lucky to be assisted in doing so with four key sources of pension income. But these pillars of private financial security, have been subject to tax tinkering recently, as well as valuation swings. It is, as a result, high time to rethink retirement income planning.
How do you tap into the new $1.5 million tax break for businesses and who is eligible? It turns out most business owners may be. Building on last week’s article, “Complexity: Consequences of Tinkering with the CCA System”, we’ll expand on the details of the plan from the Federal Government to boost business investment as a measure to restart the economy as Covid-19 dwindles. Here are the details.
CRA has been ramping up audit activity, according to 75% of tax professionals who said they’d noticed an increase when responding to our February poll. Here are the observations they shared: