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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?
Investigative Tax Prep: Top Ten Changes to Probe
Tax season 2025 has started with a focus on the increased income levels some taxpayers may report due to proposed changes in capital gains tax laws. But aside from this there are new questions to probe with clients to ensure the family’s tax returns are filed to their very best benefit, given change in their life and financial events as well. Here are top 10 queries to add to your interview checklist:
CRA Relationship with Business Owners: It’s Now Digital
CRA has put business owners and their representatives on notice that starting in the spring of 2025 their relationship is a digital one. Specifically, CRA will transition to online mail as the default for business correspondence through the My Business Account portal, rather than communicating through the mail. That could mean two things for professional tax advisors: an increase in business from small business owners who want them to the digital relationship for them and second, extra vigilance for communication exchanges for those who Represent a Client.
Student Loan Forgiveness
Each year Canada writes off millions in unpaid student loans. This is a generally under-reported story but the money we, as Canadians, lend to students and never see again is significant, as explained below. Further, in an effort to ease the burden on students the government eliminated interest on student loans in 2023. Despite the government’s best efforts to make repayment easier, defaults continue. This year, though, the federal government is pivoting to provide some new incentives.
Register Now for Rookie Tax School: Jan 29!
In this CE Savvy Mini Summit half day live virtual event, participants will learn how to confidently file simple tax returns at a high level. This event is part of a 4-part training series with a focus on how to file the T1 tax forms and is ideal for new, rookie tax preparers, financial advisors who interact with clients who have tax-related questions and anyone new to tax filing in Canada. As part of this training program, you are automatically enrolled in Canada’s Income Tax Fundamentals Course. Check out the agenda and register now to upskill your team before the upcoming tax season!
Training Your Team? Canada’s Income Tax Fundamentals Course, Update Coming Feb. 5!
Train your team with an updated version of Canada’s Income Tax Course, coming February 5! Great for staff training ahead of tax season, and recommended for those that have no prior tax or financial services work experience! Don’t miss this opportunity to pre-register and access them most current tax filing course out there. This certificate course is 20 hours, 8 learning chapters, 12 true-to-life studies using professional tax software.
