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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KB Grads in the News: Jay Stark, MFA-P™

Posted in: Strategic Thinking
Jay Stark, MFA-P™ shares how this philanthropy planning focused designation program will help him apply new skills in his effort to help Canadians make better decisions about philanthropy and bring plans to life.

Millions of Returns Outstanding: Many Owe

By : Evelyn Jacks Posted in: Strategic Thinking
The pressure is on! Taxpayers and their tax accountants are buckling under the strain of lockdowns in the midst of a very a complex tax season. Recent statistics from CRA show that we were only at the halfway point on April 19 as only 16.6 million of approximately 31 million tax returns expected had been filed. It’s notable too that 19% of tax filers have a balance due. Here are nine last minute tax tips for those who owe and those who have to break it to them:

Retirement:  Budget Changes Trigger Planning Reviews

By : Evelyn Jacks Posted in: Strategic Thinking
What did the April 19, 2020 Federal Budget tell us about required new approaches to retirement planning? Rising inflation is a new concern, and this requires a reworking of retirement projections, as well as projections for the funding of ongoing needs of survivors and heirs.  More specifically, there are two tax provisions to take note of:

CRA Service Standards in a Word: Overwhelmed

By : Beth Graddon Posted in: Strategic Thinking
An astounding 98% of Knowledge Bureau poll respondents have given CRA’s service standards a thumbs down this year. It’s not too late for you to weigh in, too and share your thoughts on the question: “In your view, has CRA’s service level to professional tax advisors improved this year?”

Learn More About Retirement Income Layering & Portfolio Risk Management

Posted in: Strategic Thinking
As your clients enter the 2nd half of their retirement years, there are many significant issues that begin to emerge such as illness, cost of care and loss of capacity for key decision makers. Without careful planning, years of effective decision making can be easily undone through increased costs of care and potentially increased costs of taxation.