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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.
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?
Society of RWM™ Virtual Speed Networking: September 8
It was such a hit last month, we’re doing it again: Speed Networking so save the date: September 8th at 3:30 pm CT. The Society of Real Wealth Managers’™ invites you to Meet a Real Wealth Manager (RWM™) to discuss ways to collaborate to bring high value care in the best interests of your clients.
Seniors Over 74 Get a Raise This Month
The government has promised to increase Old Age Security by 10% for seniors over age 74, but that increase won’t kick in until the July 2022 payments. However, this month, a one-time payment of $500 (with zero withholding) will be made to seniors who meet the following criteria:
Executor: Tips When Preparing to File Final Returns
Have you agreed to be an executor for a loved one? I just know you want to be ready and informed about what to do when the time comes. When it is time to ‘be’ the executor, you could very well be feeling the emotions of your loss. For that reason, amongst others, the time to check into what is involved is NOW!
Registered Canadian Amateur Athletic Associations
The recently concluded Olympics were a thrill and a testament to the resilience of our athletes. Their commitment has financial consequences, however. This is because athletes must maintain amateur status to compete. For these reasons, trusts for amateur athletes allow for the deferral of qualifying income for up to eight years. There are a number of tax consequences to be aware of, however, for the athletes and the amateur associations that promote the sports.
The Power of Assumption: A Tax Context
The Canada Revenue Agency (“CRA”) is a body corporate that, inter alia, carries out the duties and functions of the Minister of National Revenue (“Minister”). The CRA routinely audits Canadian taxpayers in order to ensure compliance with various taxation legislation, including the Income Tax Act and the Excise Tax Act.
