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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.
March 2025 Poll
In your view, has CRA improved its services to clients and tax preparers this year?
Breaking News: Federal Budget April 7
The Finance Department has announced that the Federal Budget will be on April 7, 2022. Your Knowledge Bureau Special Budget Report team will provide full details. Then join us comprehensive analysis and CE Credits with Evelyn Jacks and the Knowledge Bureau Faculty at the May 18 Virtual CE Summit for the effect of budget and economic change on Retirement and Estate Planning.
Recycling Tax Dollars: Increased Climate Action Incentive Payments
On March 23, 2022, the Federal Government announced the increased payments for the Climate Action Incentive (CAI) for the 2022-23 period and some Canadian households will soon receive over $1,000. But not through their tax filings, a change from last year. It’s a recycling of federal carbon tax surtaxes. Here’s what you need to know:
A Brief on Basic Personal Amounts
How much money can Canadians earn before they have to pay federal taxes? The answer lies in the structure of the basic personal amount (“BPA”) - an annual earnings amount that is anything but easy to understand; especially since all the provinces and territories have their own BPAs to add to the confusion. Here’s how to help taxpayer – especially newcomers to Canada – wrap their heads around this:
Hiring Family Members? Avoid Punitive Tax on Split Income
If you are hiring family members over the age of 25 you may need to justify that the payments, you have made are reasonable in order to avoid a Tax on Split Income or TOSI. Specifically, according to the CRA, the reasonableness of an amount paid to your family member will be evaluated based on one or more of the following criteria:
Bare Trusts and New Trust Reporting Rules
Striking a balance between upholding Canadian taxation laws and privacy concerns is challenging for policy makers and legislatures. On February 4th, 2022, the Minister of Finance released draft Income Tax Act legislation that increases reporting requirements for most Canadian resident trusts. The new trust reporting requirements will allow the Canada Revenue Agency to better combat tax evasion and increase clarity regarding beneficial ownership of assets.
