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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?
Rates for Distance Claims Using the Simplified Method Released
We were spot on! The simplified per kilometer rates for medical and moving expenses for each province were announced by the CRA mid-February, and they jive with what we taught attendees a month earlier during the Advanced Tax Updated at the January CE Summits. Here they are and details on when you would use them. Although, you do not need to keep detailed receipts for actual expenses if you choose to use the simplified method, the CRA may still ask for documentation to support your claim. Keep track of the number of kilometres driven during the tax year for your trips relating to medical travel (that is, when you must leave your home to receive medical treatments at least 80 kilometres away). You can also use this method in claiming travel expenses relating to your moving expense claim and for the purposes of the northern residents’ deductions.
You’re Invited: Lesson 1 - Introduction to Real Wealth Management
Are you interested in enhancing your value proposition and broadening your client service offering? Amplifying your referrals? Becoming a more holistic wealth advisor? Then you may be interested in learning more about the Real Wealth Managers RWM™ Designation – a new designation that differentiates collaborative financial leaders in the marketplace. RSVP now for a complementary virtual Lunch & Learn on March 2 at 12 PM CST!
Need Fast Answers to Tax Questions? Choose Evergreen Explanatory Notes
Do you have complex tax questions difficult to find on the CRA website? Are you too busy for long wait times on the phone with the CRA? At Knowledge Bureau we have a great solution to help you save time and money and answer more tax questions from your clients with confidence. It’s called Evergreen Explanatory Notes, your fast guide to issues, answers, explanations, client interview guides case studies, tax court cases, plus a fast way to link directly to all pertinent CRA forms, guides, folios, the Income Tax Act and much more!
Update on Family Business Transfers
What is the current word on using the Lifetime Capital Gains Exemption when you transfer the family farming, fishing or small business corporation to your child or grandchild? Is this possible or not? There is good reason to feel unsure, as the tax law around this lifecycle event has not yet been clarified, 9 months after Royal Assent was give to legislation intended to change it. Here’s the background to this story:
Complexity: Consequences of Tinkering with the CCA System
Investing in asset upgrades this year? What can be written off over time? The answer is increasingly cloudy. Recent tinkering with the tax system to promote certain economic activities has allowed for accelerated write-offs, but that has caused significant complexity. With the introduction of an accelerated write-off of capital items purchased by a Canadian Controlled Private Corporation (CCPC) to a maximum of $1,500,000, the net tax consequences over the lifetime of the asset’s use require more thought.
