News

All items tagged with: income tax

Poll Results: Advisors Must Put More Emphasis on Discussing Charitable Giving

Posted: January 09, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking, Current Issue , knowledge bureau, tax returns, charitable giving, Evelyn Jacks, income tax, tax courses, financial advisors, tax advisors, financial education, Knowledge Bureau poll, online education, Super Donor Credit, donation tax credit, charity tax credit, resolutions

In December, we asked Knowledge Bureau Report readers, “In your opinion, are tax and financial professionals taking the time to help clients understand the benefits of charitable giving?” In a surprising result, only 17 percent thought their peer group was spending enough time counselling their clients how to make donations in a tax-efficient way.

Tax and the Bitcoin: Real Money Owing to CRA

Posted: January 09, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking, Current Issue , Financial Literacy, CRA, dividends, investments, trading, knowledge bureau, Evelyn Jacks, income tax, tax courses, bitcoin, tax education, financial education, Real Wealth Manager, interest, capital gains tax, taxation issues, Bitcoin value, Bitcoin trading, tax on digital currency, gold, PayPal tax

“Bitcoin Rush” is all over the news as speculators have tried to get in on the trend which saw skyrocketing values at the end of 2017. But there is a spoiler: gains on trading digital currencies like Bitcoins are subject to taxation in Canada, a liability that must be settled in real dollars.

The Trusted Tax Professional vs. CRA’s New “File My Return”

Posted: January 09, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking, Current Issue , CRA, tax credits, knowledge bureau, Evelyn Jacks, income tax, tax courses, tax deductions, financial education, tax news, CE summits, Distinguished Advisor Workshops, tax workshops, financial workshops, personal income tax, low income, File My Return

This week the National Revenue Minister announced a new program called “File My Return” that will allow Canadians with low and fixed incomes to complete their returns over the phone.

People in the News: Benitta Anselm Nerio

Posted: January 09, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking, Current Issue , CRA, knowledge bureau, Evelyn Jacks, Small Business, tax courses, tax changes, tax advisors, tax education, CE summits, Morneau, income sprinkling, online education, income tax preparation, income tax for business, tax for proprietorships, Benitta Anselm Nerio

We’d like to say congratulations to Benitta Anselm Nerio on the completion of Knowledge Bureau’s T1 Professional Tax Preparation – Intermediate course. Here’s what she had to say about her experience:

New!  Check out the Official 2017 T1 and 2018 Income Tax Estimator

Posted: December 19, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , tax preparation, Financial Literacy, CRA, knowledge bureau, Evelyn Jacks, income tax estimator, tax calculator, tax courses, financial education, CE summits, Walter Harder, audit-proofing, income tax filing, personal income tax, online education, Canadian income tax calculator

Knowledge Bureau is pleased to release two important tools to assist taxpayers and their advisors with authoritative tax information that’s fast and accurate: the 2018 Income Tax Estimator in the Knowledge Bureau Toolkit, and the new T1 Return, which appears in EverGreen Explanatory Notes.

Anything But Simple: Morneau’s Income Sprinkling Rules Start January 1

Posted: December 19, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, CRA, capital gains, knowledge bureau, Evelyn Jacks, family business, retirement planning, investment income, tax courses, financial advisors, retirement income, wealth management, tax changes, income splitting, tax advisors, financial education, tax reform, small business tax, Liberal government, Canadian income tax, Morneau, income sprinkling, family tax credits, reasonableness test, capital contribution, private corporation tax, incorporated business

It’s official, family income sprinkling rules will take effect January 1, 2018, and, unless a family member can show active participation under still-complicated reasonableness tests, distributions of income from private family businesses will be taxed at top tax rates, with none of the progressivity in tax rates available to individuals. This will require an immediate rethinking of resources available to the economic unit known as the family business.