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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?
Tax & Financial Pros Weigh in on Effective Economic Reform
This doesn’t happen very often, but the result of our January Poll question which asked: “Do you think personal/corporate tax reforms can spur economic growth in Canada in 2022 and beyond?” were split right down the middle with 50% saying “yes” and 50% saying “no”. Why the mixed results from Canadian tax and financial professionals? Here’s what you had to say:
The Knowledge Bureau Network: Decline in Life Expectancy is Eye Opening
Statistics Canada has reported Canada’s largest drop in life expectancy since 1921 – a seven-month decrease. It is an eye-opening study that brings to mind the importance of new conversations about medical, disability and estate planning during the busy tax season, especially for younger people.
Inflation Tax and Indexing
The annual inflation rate rose to 4.8% in December 2021, yet many Canadians who have never experienced inflation in their lifetime, may wonder, so what? Over time, as one soon notices, inflation can significantly reduce the real value of Canadian savings and purchasing power. When the computation of taxes or benefits are not fully indexed to inflation, there is also a real, but hidden, inflation tax. Here’s how to plan for it:
Staycation Tax Credit: Ontarians Get Reimbursement for Vacation Costs
Ontario residents reconsidering international travel plans this year due to the pandemic now have even more incentive to explore destinations closer to home – specifically within the province – thanks to the newly introduced refundable Staycation Tax Credit. The tax credit reimburses 20% of eligible accommodation costs, up to a maximum dollar amount. It’s a tax incentive other provinces may want to pick up on to spur on home-based tourism. Here are the details:
Refunds for the Tax Season 2021 will be Lower in 4 Provinces
One of the many changes for this tax season 2022, is that 2021 tax refunds will be lower for thousands of taxpayers that qualified for the “Climate Action Incentive” (CAI). Prior to 2021, the CAI was a refundable tax credit similar to the Canada Workers Benefit or the Canada Training Credit. In all these cases, these credits constituted a tax-free cash benefit that either increased a tax refund or reduced the net tax liability for taxpayers.
