Knowledge Bureau Report

Knowledge Bureau Report

We Report, We Teach, We Tweet.

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.

Stay in the know with the Knowledge Bureau Network. Get breaking news by email, use practical tools for answers, read influential blogs, take quizzes, watch short financial lessons, learn professional skills online, at regional workshops and conferences.

Knowledge Bureau Summer/Fall Schedule

Posted in: Strategic Thinking, Current Issue
Mark your calendar for these upcoming dates from Knowledge Bureau. You'll receive the next edition of Knowledge Bureau Report in your inbox on August 11.

Patience Required: Canada Greener Homes Grants and Loans

By : Evelyn Jacks Posted in: Strategic Thinking, Current Issue
The red tape is significant, and the governmental processes are not ready. Unfortunately, that’s what your clients will find if they want to get a head start on energy efficient retrofits with new government assistance programs before the winter comes. The federal process involves several government departments and sharing of data that could also put clients at increased risk principal residence audits.  The help of a tax professional can be invaluable to access an interest free loan of up to $50,000, a $5000 grant and up to $600 to get a required home-energy evaluation.

Audits of CEWS Claims: Overview

By : Marco Iampieri B.A., JD, M.B.A. Posted in: Strategic Thinking, Current Issue
The Canadian government responded to the Covid-19 pandemic by offering Canadian business access to emergency funds through the Canada Emergency Wage Subsidy (CEWS), which helps with up to 75% of eligible remuneration paid by employers that have suffered a decline in revenue during the pandemic. The CRA reports that there have been over 3,878,970 approved applications with a total dollar value of subsidies approved of over $86 billion. Business owners and the tax professionals working with them should be prepared for CRA audits that will ask for proof of eligibility. Here’s what you need to know:

Amendments to Clarify Potential Bill C-208 Loopholes

By : Beth Graddon & Marco Iampieri B.A., JD, M.B.A. Posted in: Strategic Thinking, Current Issue
Private member’s Bill C-208 received Royal Assent on June 30.  It aligned the tax treatment of intergenerational transfers of family businesses, farms and fisheries with sales to unrelated parties.  However, the federal government attempted to circumvent Royal Assent and postpone implementation of the bill.  On July 19, a Finance Canada news release clarified it will respect the spirit of the law passed on June 30, but will introduce draft legislation for amendments to it.  The government is also intending to bring forward draft legislative amendments to the Income Tax Act with an opportunity for consultation, which will then be introduced in a bill and apply a of either November 1, 2021 or the date of publication of the final draft legislation – whichever comes later.

New Students: Help SMEs Thrive With New Enhanced Credentials

Posted in: Strategic Thinking, Current Issue
According to a report earlier this year from Statistics Canada relating to enterprises in the first quarter of 2021, many businesses have continued to thrive in spite of the pandemic, and more will be on the road to recovery as Canada’s economy continues to further re-open. The financial sector, for instance, recorded an increase in net income of 11% before taxes, or $3.9 billion. Tax professionals can provide essential front-line services to help small business owners thrive and now two new educational opportunities provide credentials and confidence to do so.  

KB Grads in the News – Joey LeBlanc, DFA-Tax Services Specialist™

Posted in: Strategic Thinking, Current Issue
Looking to take your business and client relationships to a higher level? Joey LeBlanc, DFA-Tax Services Specialist™ shares how she accomplished that with a Knowledge Bureau education!