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STAY UP-TO-DATE WITH BREAKING TAX AND INVESTMENT NEWS.
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.
January 2025 Poll
Do you agree with extending the charitable donations giving deadline to February 28, 2025 for the purposes of reducing taxes on the 2024 tax return?
Summer Break Week & Summer School Enrolment Opportunities
Knowledge Bureau Report will be on a summer vacation next week, but Knowledge Bureau is open for your questions, registrations in courses and student support, as usual. Here’s an opportunity to review your August summer school options and under your belt before the fall, with some new offerings from Knowledge Bureau:
STOP Paying Hidden Investment Fees!
Intended for successful business owners, entrepreneurs and professionals of all types, author Dean Kendall’s “Stop Paying Hidden Investment Fees” will provide a better understanding of the fees you pay, their impact on your goals and your options for pursuing a better course. This book analyzes some common hidden investment fees and it goes on to explain their impact on a customer’s financial return.
New Record: Average Tax Refund Over $2,000
Intaxication is defined as the euphoria taxpayers feel when they get their tax refunds, only to find their euphoria diminish when they realize it’s their very own money CRA has been holding onto. This year, the government kept a new record amount: the average tax refund was $2,071. It’s hard-earned cash Canadians could be using throughout the year to fight inflation or invest. Is there anything you can do about that? Indeed there is, with the help of your Personal Tax Services Specialist.
Audit-Ready Files: When Can a Tax Return be Adjusted?
Looking for extra money to fund rising costs? The tax return is one such source, especially because it is possible to reach back and correct errors and omissions from the prior 10 years to generate a tax refund. However, there are certain limitations when it comes to the deduction for CCA (capital cost allowances) and other permissive deductions. Notably, CRA has not changed its rules on this matter since 1984. In this feature, Part 1, we’ll discuss how to adjust a return. Part 2 will discuss the specific rules concerning CCA.
Adjusting Tax Returns: Permissive Deductions
The post-tax season often involves a specific type of “catch-up” for busy tax accounting offices: filing returns for procrastinators and making adjustments for errors and omissions. But this must be done carefully; especially because these adjustments can lead to a broader audit. Further, there are special rules for claiming “permissive deductions” including CCA (Capital Cost Allowance). That’s very important if the goal is to preserve tax reducers in the future or recover taxes paid in the past.
