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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A Little Less Grinch: Breaking Interest Rate News

Posted in: Strategic Thinking, Current Issue, Debt Management, interest rates, Bank of canada, Steven Poloz, prescribed annual interest rate
Will Bank of Canada Interest rate setting impact your holiday euphoria? Bank of Canada’s Steven Poloz announced today that the overnight rate would remain at 1.75%.

Shopping Spoiler Alert: Canadians Aren’t Saving Enough

By : Evelyn Jacks & Beth Graddon Posted in: Strategic Thinking, Current Issue, Debt Management, statistics canada, interest rates, Bank of canada, retirement savings, Steven Poloz, household savings rate, disposable income, Financial Planning Standards
In the holiday spirit yet? This news might dampen it: on Friday November 30, Statistics Canada released a report on GDP, income and expenditure for the third quarter of 2018. The big news? In 2018, Canadians have had the worst household savings rate on an annual basis since 2005, averaging only 1.4% over the past year. For the third quarter of this year, the household savings rate was a mere 0.8%; the lowest quarterly level since early in 2017.

How to Improve Service Levels: Tax Pros Give Advice to CRA

Posted in: Strategic Thinking, Current Issue, CRA, Canada Revenue Agency, Small Business, tax courses, cra business services, Canadian economy, entrepreneur, Auditor General Report, CRA service standards, CRA business enquiries
On the heels of recent criticisms by the Auditor General, Knowledge Bureau Report readers weighed in on CRA service levels and they were conclusive: 87% of last month’s poll respondents say that the CRA needs to work harder. They cited a myriad of issues from 32-week wait times for a T1 Adjustment to the need to correct CRA’s errors, some of them big. 

Boomers at Risk: Nudging Young Generations Towards Financial Independence

By : Beth Graddon Posted in: Strategic Thinking, Current Issue, succession planning, retirement planning, Millennials, family wealth, Baby Boomer
One-third of parents of millennials say that their children are a financial strain that could ultimately take a toll on their own retirement. That’s the ongoing challenge that the boomers face. When it comes to managing their money, this generation needs to nudge their millennials towards financial independence or place their own retirement plans at risk.

Addressing Philanthropy Goals Before Year-End

Posted in: Strategic Thinking, Current Issue, Strategic Philanthropy, charitable donations, donation tax credit, philanthropy, charity, donations receipts, giving, MFA- Philanthropy
In the height of charitable giving season, a review of recent tax changes provides an opportunity for advisors and clients to plan more strategically, while maximizing tax savings and planning 2019 investments before year-end. Here’s a checklist of talking points for your December meetings:

Your Feedback Needed: Proposals to Restrict Referral Arrangements

Posted in: Strategic Thinking, Current Issue, Financial Advisor, IFB, Independent Financial Brokers, CSA, Canadian Securities Administration, investment advisor, Client focused reforms, Referral Arrangement Restrictions
The Canadian Securities Administrators (CSA) have proposed restrictions on fees related to referral arrangements. The Independent Financial Brokers of Canada (IFB) wants to better understand the impacts of these proposals and has asked for the participation of financial services professionals in a survey, which is open to both IFB members and others in the financial services industry.