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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.
July 2024 Poll
Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?
Tax Quagmire: Tough to Comply with a Moving Target
The federal government has changed its mind: at least some of the self-employed people who received the Canada Emergency Response Benefit (CERB) based on erroneous instructions from CRA no longer have to repay the benefits. But the heavy audit response following the pandemic emergency provisions has resulted in a tax quagmire for many. Tax specialists can help.
CRA Announces Tax Debt Relief
Kudos to the CRA. They may just have heard your feedback on our January poll where the vast majority of advisors suggested that the CRA should cut people some slack. Yesterday they did, with the announcement that interest relief would be available for taxpayers who made under $75,000 and received pandemic support benefits in 2020. There is more good news, too, for refundable tax credit recipients.
Home Workspace “Simplification” Costs: $260 Million
It appears that $2 a day adds up to millions of dollars in tax costs for the government. The Parliamentary Budget Officer (PBO) released the costs of the new simplified home workspace expenses on February 4, now estimated at $260 million. The costing provides some interesting insight on expense filing by employees.
Tip Sheet: New Criteria for Employees Claiming Home Office Expenses
The CRA has introduced several new rules for filing employment expenses in 2020 which in reality, have complicated rather than simplified, employment deduction claims. Four employment filing profiles have emerged, as well as a new little-known calculation for home office space common area use. Details and a tip sheet follow.
Newly Updated! Investment Tax Strategies Course
Tax is a trigger for affluent families, especially now, when higher taxes may loom in the future. Tax and financial advisors ultimately need to be able to expertly calculate capital gains and losses on the disposition of assets and properly report income transactions along the way. But, it is in the planning for tax efficiency that differentiates a “great” advisor from the rest. This newly updated course is here to provide help during these turbulent times.
