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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: 67 votes
98.53%
No: 1 votes
1.47%
 

Cast Your Vote

PPP or IPP? 2022 CRA Limits Enhance PPP Tax Deductions

2022 CRA limits further enhance the tax deductions that Personal Pension Plan (PPP) clients have over Individual Pension Plan (IPP) clients. The gap of $91,194 in 2021 is now almost $12,000 larger in 2022! Those of you who like to project the extra wealth your clients will enjoy over long periods of time thanks to the power of tax-deferred compound interest should rejoice at this news, according to JP Laporte and Knowledge Bureau Partner for the first annual virtual Pension Conference for Accounting Firm Partners and their staff taking place on November 30, 2021. RSVP now - who wouldn't want an extra $100,000 in deductions over an IPP during one's career?

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DTC Filters Subject to New Rules

Due to a court injunction, the Disability Tax Credit (DTC) Promoters Restrictions Regulations, which were to have taken effective November 15, 2021 have suspended until further notice.  The regulations were to have limited fees paid for DTC applications to $100.  We will keep you updated regarding the status of the injunction, but here’s what you need to know about the new regulations:

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T3 Trust Filing Requirements Change in 2021

A big new tax filing deadline is approaching and tax and financial advisors must make their clients aware: all non-resident trusts and most express trusts resident in Canada must start filing T3 returns for tax years ending on or after December 31, 2021 and the filing deadline is coming up fast:  March 31, 2022.  Here’s what’s at issue:

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Getting New T3 Trust Returns Right

Tax compliance regarding T3 Trust returns is in the spotlight as new efile requirements begin for the tax filing years ending December 31, 2021 forward.  Here’s a primer on what you need to know; a preview of a newly revised professional certificate course, Filing T3 Trust Returns at Knowledge Bureau by Faculty Member and Instructor, Diane Elliott.

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Poll Results: Are Tax Pros in Favour of Anti-Flipping Capital Gains Tax?

It was a close race with our most recent poll question, with respondents torn when it came to the question “Do you believe a potential anti-flipping capital gains tax on principal residences is a good idea?” This was a change proposed in the election and while the majority were in favour, most of the comments were in the negative, here’s what you said:

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