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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: 17 votes
100%
No: 0 votes
0%
 

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The May 2022 CE Summit on Retirement and Estate Planning

We are excited to see you online on May 18, 2022 for the next Virtual CE Summit on Retirement and Estate Planning. Be sure to register by April 20 for early bird tuition fees for you and your team.  The CE Summits are a blended learning event.  What does this mean?  It’s just an outstanding comprehensive learning opportunity for you in multiple components:

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Retroactive Tax Law:  CRA Releases Self-Employment Guide, Finally

This Monday March 21, 2022, CRA released the electronic version of T4002 - Self-employed Business, Professional, Commission, Farming, and Fishing Income for the 2021 tax filing year.  The paper version won’t be available until late April.  The Guide covers pandemic support measures for the self-employed, including CEWS, CERS, CRHP, and government loans.

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Tax and Ukrainian Refugees

In an effort to assist Ukrainians who are fleeing the war and wish to come to Canada, the government has streamlined the process for entry. Through the “Canada-Ukraine Authorization for Emergency Travel” program, applications are expected to be processed in as little as two weeks. They will allow approved applicants to stay in Canada for up to three years. Once here, they can apply for permanent residency. Applicants will be allowed to work or study while in Canada.  There are interesting tax consequences for that.

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The Select Luxury Items Tax Act

In the market for a Tesla?  Now would be a good time to purchase the luxury model, as  Canada now has a new tax act:  The Select Luxury Items Tax Act, slated to come into effect September 1, 2022 if proposals released March 11, 2022 are passed into law.   The proposed 173 pages of legislation for Canada’s new luxury tax, first introduced in the April 2021 federal budget, targets buyers of luxury cars and aircraft with a retail price tag of $100,000 or more and boats valued at $250,000 or more.  Here are the reasons why you need to pay attention:

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Tax Evasion: Toronto Man Swindles International Investors

Throughout the calendar years 2012 - 2015, a Toronto man named Perry Fousteris and representatives of Fousteris’ corporation defrauded international investors by encouraging international investors to purchase shares of corporation’s owned by Fousteris. This fraud attracted the attention of the CRA, as well as penalties, interest and jail time.  Here is what happened:

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