Knowledge Bureau Report

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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Tax Filing Basics: Claiming Medical Marijuana After Legalization

Posted in: Strategic Thinking
With the 2018 legalization of marijuana in Canada, more taxpayers may wish to claim their purchase as a medical expense. That may be possible, but there are rules to follow to pass a CRA audit test. 

Wills & Continuity Planning: Avoiding Undue Influence

Posted in: Strategic Thinking
When it comes to long-term care planning, as a trusted intermediary you can help aging clients and those with declining cognitive function. It’s a difficult topic to discuss, but wills are an important part of the continuity planning conversation. Learn how to help clients avoid undue influence during this process, while ensuring that estate plans are properly executed.

Defusing Business Succession Challenges

By: Jenifer Bartman Posted in: Strategic Thinking
Business owners may believe they “have it all figured out” in planning for the future sale of their business, which can bring a false sense of security at the worst possible time. It’s a topic addressed by authors Evelyn Jacks and Jenifer Bartman in their new book Defusing the Family Business Time Bomb.

Big News: Simplified Method Prescribed Rates for 2018 Finally Released

By: Walter Harder Posted in: Strategic Thinking
On February 12, the simplified method rates for calculating deductible auto and meal expenses for various important provisions on the 2018 tax return were finally released by the CRA. It’s an important missing piece for tax professionals and taxpayers alike, that in prior years was generally released in January.

Six Tax Tips for a Special Valentine: Acquiring a Spousal RRSP

By: Evelyn Jacks Posted in: Strategic Thinking
Here’s a unique way to share some love with your sweetheart: make a spousal RRSP contribution by March 1. It’s a gift that’s a win-win to help secure your financial future together. Even better, it’s you, the contributor, who gets the RRSP deduction. Whether you have a spouse or common-law partner, here are six basic tips to know:

IRS Shutdown: Tips for Canadian Taxpayers

Posted in: Strategic Thinking
The Internal Revenue Service (IRS) is operating again after a lengthy shutdown of the U.S. federal government that began in December 2018.  A tentative deal was negotiated* late on Tuesday to avert yet another one. Still, Canadians with cross-border tax obligations should understand the specific implications of government shutdowns - like that of the IRS - and the backlogs they cause, and plan accordingly with their tax filing specialists.