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.
I have heard and seen a lot of funny things on planes, trains and other modes of transportation, but a memorable episode recounted by a fellow traveller involved an emotional support turkey firmly grasped by its owner who was afraid of flying. It reminds me of a question I often get: can I claim my fur-baby on my tax return. In some cases, the answer is yes.
Some might think this is too good to be true: the realized capital gain on some financial assets is not subject to regular income tax if the security is transferred to a charity. That’s right, the gain is avoided entirely. . .almost. Here is what you need to know to make a social impact throughout the tax year, and reap impressive tax benefits too.
The final repayment deadline for outstanding CEBA loans is today, March 28. This is the last opportunity to preserve any of the up to $20,000 in loan forgiveness. Those business owners who failed to arrange financing for repayment must pay up the entire loan plus interest. Will that push more businesses to close? If so, it would add to the over 2200 business which closed their doors in December of 2023, for a total of 8 months of active business closures in 2023, according to Statistics Canada. Check out the provincial trends:
This tax season will be remembered as a challenging one for most tax accountants and financial advisors who work with Canadians who have long tried to protect their savings and their heirs from financial ruin in retirement. There are two reasons: CRA’s new filing requirements for bare trusts and the significant cost factors retirees now face due to inflation, taxes and professional fees to keep it all straight. That makes it a great time for a bootcamp.
Cycle 10 CIRO (previously IIROC) credits now available from Knowledge Bureau! Become a Designated Specialist: take the Real Wealth Management™ Program), the MFA-P™ Philanthropy Services Specialist Program to earn CE Credits and enhance your value proposition. Check out the details below.