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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.

This Week’s Edition of KBR:

April 2025 Poll

Do you believe our tax system needs to be reformed and if so, what would be your first improvement? If not, what do you like about it?
Yes: 68 votes
98.55%
No: 1 votes
1.45%
 

Cast Your Vote

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. 

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RWM Meeting of the Minds: August 17, 2022

There are six key reasons, you will want to mark your calendar to attend the next Meeting of the Minds Event, presented by the Society of Real Wealth Managers™ on August 17, 11:00 – 12:00 PM CST. It’s a complimentary event, and it could be one of the most informative hours of your summer. 

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DAC Acuity 2022: Nominations Open for the Prestigious New Advisor Award

Submit the name of your worthy nomination for the DAC New Advisor Award now.  The application deadline September 1, 2022.  The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services.   Here’s what the winner of this prestigious award will receive and how to apply:

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Retirement Plans Must be Adjusted at Age 65

Have you discussed the nine key issues that require renewed consideration in retirement planning with boomers?  To begin, testing a financial plan against longevity is very important. For instance, did you know that a 65 year old male and female have a 50% probability of reaching age 89 (male), 91 (female) and 94 (either the male or the female)? There is also a 10% probability that either the male or the female lives to age 101. A female couple could have a greater likelihood of living even longer. 

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When is a Loss Considered to be Superficial?

If you sell a capital property and the net proceeds from the sale are less than your adjusted cost base, you have a capital loss – but only if you don’t purchase (or acquire the right to purchase) an identical property within 30 days before or after the sale of the capital property.

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