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.
In our 18th year, we are excited to officially welcome you to pre-registration opportunities to Knowledge Bureau’s annual strategic educational conference for professionals in the tax, accounting, bookkeeping, and financial services.
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There is exciting news for parents who have been prohibited from claiming child care expenses due to the existing definition of “earned income”. A new Form T778 issued on January 20, 2021 clarifies that CERB and EI recipients can indeed claim child care expenses. There is more good news for disabled employees, too. Here are the details:
The Canada Emergency Benefit Account (CEBA) provided two loans to businesses that suffered revenue declines due to the pandemic. They amounted to a total of $60,000, with $20,000 forgivable, if the loan is repaid December 31, 2022. However, very few expected a 2020 income inclusion. Here are the rules:
As CERB income reporting begins in earnest on the 2020 tax return, Canadians and their advisors are scrambling to confirm eligibility for amounts received last year and if required, to repay amounts received in error. However, a number of questions have arisen around the grey areas of eligibility. A common one surrounded eligibility for individual recipients of dividends from family businesses.