Knowledge Bureau Report

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Knowledge Bureau is your leading financial education network. We cover the most current issues in the tax and financial services landscape, interpret them and bring the highlights right to you. You’ll learn about taxes, investing, retirement, estate and business planning.

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New Legislation: Correcting Phoenix Salary Overpayments

By : Walter Harder & Evelyn Jacks Posted in: Strategic Thinking, Current Issue, Federal Government, T4, Phoenix Payroll System, payroll errors, salary overpayment
It’s a potential administrative and tax filing nightmare. On January 15, the federal government introduced new draft legislation prompted by the debacle created by their Phoenix Payroll System. These changes are designed to reduce the burden on employees who are now required to repay amounts paid to them in error.

The Tax Refund: Friend or Foe to Wealth Management?

By: Evelyn Jacks By : Posted in: Strategic Thinking, Current Issue, CRA, Canada Revenue Agency, rrsp, tax filing, tax refund, tax-efficient retirement planning, TD1, tax return, Individual Income Tax Report, tax filing statistics
The Statistics Canada’s Individual Income Tax Report*released on January 8, highlighted just how much Canadians are being over-taxed by the CRA. With average tax refunds coming in at $1,757 for the 2018 filing season, many taxpayers are effectively providing the government with interest-free loans of approximately $150 per month for up to 16 months before they see their refund. Just how much is that really costing you?

No Safety in Real Estate: Managing Debt is a Priority

By : Beth Graddon Posted in: Strategic Thinking, Current Issue, Debt Management, Bank of canada, housing market, real estate, interest rate, prescribed interest rate, Steven Poloz, economic forecast, oil crisis
Debt reduction could be the leading financial management strategy as 2019 begins, given the grim housing market forecast, where the biggest concern relates to housing affordability. RBC reports that this will remain a financial challenge for many Canadian families, as the cost of homeownership relative to median income levels will keep rising.

Last Chance to Enroll: Advanced Tax Update Workshops Features Canada’s Top Tax Experts

Posted in: Strategic Thinking, Current Issue, tax preparation, tax credits, tax courses, ce credits, tax workshop, electronic tax filing, CE summits, personal income tax, advanced personal tax update, Income Tax Courses, 2019 tax
Shake out the cobwebs and sharpen your tax knowledge with Canada’s most popular advanced tax update featuring a detailed line-by-line approach to the new 2018 forms and schedules from the CRA. The national tour featuring keynote speaker Evelyn Jacks and an outstanding faculty of experienced instructors starts Thursday January 17 in Winnipeg; then arrives Monday the 21 in Toronto ; Ottawa on the 22, Calgary on the 23, Edmonton on the 24 and Vancouver on the 25th.  Don’t miss out - there are only a few spots left so call or enroll online today.

Do No Harm: Advisors Need to Know Corporate Tax Planning for 2019

Posted in: Strategic Thinking, Current Issue, tax preparation, Small Business, tax filing, tax forms, entrepreneur, business tax, passive investment income, TOSI, Tax on Split Income, tax education for business owners
A newly updated certificate tax course focused on the dramatic changes to tax planning for corporate owner-managers is launching today. It’s so important that its updater, Dr. Dean Smith of Cadesky Tax says that advisors who do not understand these rules may very well cause harm to their clients. Here’s why:

Grads in the News: Iqbal Sidhu, DFA – Tax Services Specialist

Posted in: Strategic Thinking, Current Issue, tax preparation, tax filing, distinguished financial advisor, grads in the news, Graduates, DFA - Tax Services Specialist
As a newcomer to Canada, Iqbal Sidhu shares how his Knowledge Bureau education helped him transition into a new career path in professional tax filing as a result of his successful pursuit of the DFA – Tax Services Specialist designation: