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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?
Update on Family Business Transfers
What is the current word on using the Lifetime Capital Gains Exemption when you transfer the family farming, fishing or small business corporation to your child or grandchild? Is this possible or not? There is good reason to feel unsure, as the tax law around this lifecycle event has not yet been clarified, 9 months after Royal Assent was give to legislation intended to change it. Here’s the background to this story:
Complexity: Consequences of Tinkering with the CCA System
Investing in asset upgrades this year? What can be written off over time? The answer is increasingly cloudy. Recent tinkering with the tax system to promote certain economic activities has allowed for accelerated write-offs, but that has caused significant complexity. With the introduction of an accelerated write-off of capital items purchased by a Canadian Controlled Private Corporation (CCPC) to a maximum of $1,500,000, the net tax consequences over the lifetime of the asset’s use require more thought.
Effective Home Buyer’s Plan Strategy
It is no secret that the dream of home ownership is getting out-of-reach for thousands of Canadians, not only in the major Metropolitan areas of the country, but also in the suburbs. Accessing the Home Buyer’s Plan within the RRSP is an important strategy that can help first time home buyers realize their dreams of home ownership. It’s another reason not to miss the RRSP contribution deadline, coming up shortly on March 1.
Important Dates Regarding Tax Law Changes to the Income & Excise Tax Acts
March 7, April 5 and May 5 are the deadline dates for providing your views on significant tax provisions that will implement legislation stemming from April 19, 2021, Federal Budget, many of which would have an in-force date of January 1, 2022, or January 1, 2023. Interestingly, these consultations are scheduled throughout the busy tax season, making it difficult for tax specialists to find the time to comment. If you do find the time, here are the submission topics:
New & In the Spotlight: Introduction to Trusts Course
For Canadian tax purposes there are basically two kinds of trusts: testamentary and inter vivos. A testamentary trust is one that arises on and in consequence of an individual’s death. An inter vivos trust is any trust other than a testamentary trust. Trusts have been thrust into the spotlight recently with new tax filing requirements. Knowledge Bureau has launched a new course to help advisors educate their clients. Here is a primer of what you will learn:
