Help & Contact: 1 866 953 4769
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?
Another Disconnect between CRA and Taxpayers
It is no secret that CRA service levels have been under stress during the Pandemic. Many tax practitioners can confirm that a phone call that would normally have to wait for three to five minutes to be answered. At the peak of tax season could take one hour or more, not even including the dozens of dropped calls. Lately, response times have slowly decreased; however, it is still at unacceptable levels. As CRA shifts most of its services online through My Account, My Business Accounts, and Represent a Client one could think that there is less demand for phone calls. These services have also been compromised.
The Principal Resident Exemption– The Nuances
The Principal Residence Exemption: The Nuances is part of a three-part series explaining the principal residence exemption under Canadian taxation law. It begins with the tax consequences on the change in use of a principal residence.
Will an Extra Tax on Landlords Help Reduce Housing Costs?
In the last election, the Liberal government promised that, after renovations to a building rent increases fall outside of a normal change in rent or are excessive in their view, they will implement a surtax on landlords. It is interesting to think about the repercussions of such a proposed policy and to reflect on whether this the economic outcome that is truly desired, when our collective challenge is to invest in improving buildings for reasons of climate change and health care concerns? Here are the details.
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.
