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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?
Patience Required: Canada Greener Homes Grants and Loans
The red tape is significant, and the governmental processes are not ready. Unfortunately, that’s what your clients will find if they want to get a head start on energy efficient retrofits with new government assistance programs before the winter comes. The federal process involves several government departments and sharing of data that could also put clients at increased risk principal residence audits. The help of a tax professional can be invaluable to access an interest free loan of up to $50,000, a $5000 grant and up to $600 to get a required home-energy evaluation.
Audits of CEWS Claims: Overview
The Canadian government responded to the Covid-19 pandemic by offering Canadian business access to emergency funds through the Canada Emergency Wage Subsidy (CEWS), which helps with up to 75% of eligible remuneration paid by employers that have suffered a decline in revenue during the pandemic. The CRA reports that there have been over 3,878,970 approved applications with a total dollar value of subsidies approved of over $86 billion. Business owners and the tax professionals working with them should be prepared for CRA audits that will ask for proof of eligibility. Here’s what you need to know:
Amendments to Clarify Potential Bill C-208 Loopholes
Private member’s Bill C-208 received Royal Assent on June 30. It aligned the tax treatment of intergenerational transfers of family businesses, farms and fisheries with sales to unrelated parties. However, the federal government attempted to circumvent Royal Assent and postpone implementation of the bill. On July 19, a Finance Canada news release clarified it will respect the spirit of the law passed on June 30, but will introduce draft legislation for amendments to it. The government is also intending to bring forward draft legislative amendments to the Income Tax Act with an opportunity for consultation, which will then be introduced in a bill and apply a of either November 1, 2021 or the date of publication of the final draft legislation – whichever comes later.
New Students: Help SMEs Thrive With New Enhanced Credentials
According to a report earlier this year from Statistics Canada relating to enterprises in the first quarter of 2021, many businesses have continued to thrive in spite of the pandemic, and more will be on the road to recovery as Canada’s economy continues to further re-open. The financial sector, for instance, recorded an increase in net income of 11% before taxes, or $3.9 billion. Tax professionals can provide essential front-line services to help small business owners thrive and now two new educational opportunities provide credentials and confidence to do so.
KB Grads in the News – Joey LeBlanc, DFA-Tax Services Specialist™
Looking to take your business and client relationships to a higher level? Joey LeBlanc, DFA-Tax Services Specialist™ shares how she accomplished that with a Knowledge Bureau education!
