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Financial Issues & Answers for Everyone
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.
July 2025 Poll
Do you believe Canada’s tax system based, on self-assessment, has suffered under recent changes at CRA and by Finance Canada? If so, what is the one wish you have for tax reform?
Confirmed: The CCR for Small Business is Tax Free
Ottawa has confirmed that the CCR for Small Business received by eligible Canadian-controlled private corporations (CCPCs) will be tax free for the 2019-20 to 2023-24 fuel charge years, as will the final payment for the 2024-2025 fuel charge year. Draft legislation was released on June 30, 2025 with this announcement; and will be introduced for law making in Parliament this Fall. Some of the more significant details are discussed below.
Good News: Prescribed Interest Rates Drop in Q3!
Did you know that up to June 23, 2025, over 31.5 million Canadians had filed a T1 tax return? Over 7 million people are owing about $8000 to the CRA. The numbers are estimates, as CRA has not updated their website, however what is clear is that CRA has reduced the third quarter prescribed interest rates for Q3 – July 1 to September 30. That makes interest on money owing to CRA 1% lower – the lowest interest rate in fact since October 1 to December 31; the fourth quarter of 2022. Here are the new rates, some planning opportunities and a Summer of 2025 educational opportunity:
Why the Low Uptake on Education Savings Plans?
An educated population is a prosperous one and here in Canada, families have options to save for their children's post secondary education with generous tax assistance through the Registered Education Savings Plans (RESP) and its government matching programs, the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB). Unfortunately, the uptake on most of these programs is low, relative to the overall population, and tax accounting and financial advisors can add significant value in a society focused on a prosperous future by turning this around. Here’s the opportunity:
Why Canadian Businesses Should Consider Electric Vehicles
Are more of your clients in the market for an Electric Vehicle? As the global shift toward sustainability gains momentum, Canadian individuals and businesses are increasingly turning their attention to electric vehicles (EVs). Not only do EVs offer long-term operational savings and environmental benefits, but Canada's tax laws also provide substantial financial advantages for business owners. This article explores the key benefits of integrating EVs as a business asset, with a focus on the tax-deductible expenses and financial incentives available in a Canadian context.
Help Clients Recover Millions
Are your clients owed money by CRA? As of March 31, 2025, the CRA holds about 10.2 million uncashed cheques totalling $1.7 billion. In your view, why is this happening? We put that question to our readers last months and as usual, their comments were insightful:
