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All items tagged with: Federal Government

New Legislation: Correcting Phoenix Salary Overpayments

Posted: January 15, 2019 By : Walter Harder & Evelyn Jacks
Posted in: Strategic Thinking , 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.

Uncertainty Lies Ahead in 2019: Tax, Benefit and Economic Changes

Posted: January 08, 2019 By : Evelyn Jacks & Beth Graddon
Posted in: Strategic Thinking , Personal Tax, CRA, Federal Government, Canada Pension Plan, CPP, finance canada, business tax, Canada Workers benefit, carbon tax, 2019 tax changes, 2019 economic forecast, tax facts 2019

Happy 2019! Welcome back to Knowledge Bureau Report and to what’s sure to be a fascinating year for interpreting tax and financial news, based on recent stock market volatility and significant tax change. It’s an election year, too, so broadly misunderstood tax reforms recently introduced will likely re-emerge for debate. What lies ahead for 2019? Here are just some of the facts Canadians should know.

Financial Pros Oppose Tax Credits for Journalism Donations

Posted: January 08, 2019
Posted in: Strategic Thinking , Federal Government, poll results, charitable donations, CE summits, tax proposals, budget 2018, Fall Economic Update, donations credit, journalism donations, non-profit journalism

One controversial change o in the the November 21, 2018 economic statement was the proposal to provide taxpayers with a charitable donation credit for monetary gifts to non-profit journalism organizations. We asked tax and financial professionals their opinion on this hot topic: 78% of those who responded to Knowledge Bureau Report’s December poll voted to oppose this measure, hands down, even at a giving time of year.

Breaking News: Canada Officially Introduces Climate Action Incentive Payments

Posted: December 19, 2018 By : Beth Graddon
Posted in: Strategic Thinking , Federal Government, Evelyn Jacks, tax deductions, tax incentives, budget 2018, Climate Action Incentive Payment, carbon tax, Bill C-86, Budget Implementation Act, climate change

On December 13, the second Budget Implementation Act was granted Royal Assent by the House of Commons*, thus giving the green light for Climate Action Incentive payments to offset new carbon taxation programs coming into effect April 1, 2019.

Donation Controversy: Tax Relief for Media

Posted: November 27, 2018 By: Evelyn Jacks By : Beth Graddon
Posted in: Strategic Thinking , Federal Government, tax deductions, tax education, Morneau, Fall Economic Update, media tax relief, tax incentives for media subscriptions, Canada free press, Canada news

Last week’s Fall Economic Statement featured updates to Canada’s economic outlook and corporate tax changes, specifically, the Capital Cost Allowance measures. However, the Finance Minister also proposed a controversial $595 million package to support Canada’s media sector, including tax breaks for those who subscribe to some online media outlets. 

Special Report on Taxation of Passive Income in Private Corporations

Posted: November 28, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking , Tax Planning, Financial Literacy, Federal Government, knowledge bureau, financial education, tax reform, small business tax, tax proposals, Liberal government, Morneau, Minister of Finance, passive investment, Parliamentary Budget Office, PBO, corporate investment income, tax consultations, tax courses Evelyn Jacks

The tax take is much more significant than first thought. The Parliamentary Budget Officer (PBO) released a report on November 23, 2017, that suggests the revenue increase from proposed new taxes on passive income earned in a small business corporation will be as high as $6 Billion dollars annually by the time the full effects of the changes are implemented. This is much more than the initial $250 Million figure first suggested by the Department of Finance, and still only a best guess.