Immediate Expensing Rules: Good Tax Policy?
Over the course of the last two federal budgets (April 16, 2024 and November 4, 2025), the rules for claiming Capital Cost Allowance (CCA) have been uncertain. The proposal to extend immediate expensing rules for certain acquired assets were paused for over a year and then re-introduced in a series of four complex measures which together with new rules for Scientific Research and Experimental Development have become known as the “Productivity Super-Deduction”. A backdrop appears below. The key question: will this complexity be effective as an economic stimulator?Income Drop in 2021? Adjust September Instalment
Do you need to make the quarterly tax instalment remittances on September 15? Or, will you be able to keep your money invested? It’s a question your clients may have, especially if their income dropped in 2020 tax filing year. Tax, bookkeeping and financial pros can provide an important service with an accurate income tax estimation for tax year 2021. Fortunately, Knowledge Bureau’s Income Tax Estimator can help, too. Here are the rules to observe:
Manage Risk for Small Business Owners
Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. You'll learn effective audit defence methods for managing the tax risk of your small business owner clients. Act by the September 15 enrolment deadline and save your seat to learn how to help small business owners before tax season starts!
Tuition Bonus: Train Your Staff, Simplify Your Efforts, Get Better Results
It’s back to Professional Development School for Knowledge Bureau Alumni, with a special incentive: a super enrolment bonus of $100 off your single course tuition, in addition to VIP Grad Bonuses. But you must register by September 15. Check out the newly updated courses and programs and take a free, guided “Orientation Tour” of the Knowledge Bureau Virtual Campus. Now is the right time to train your staff, simplify your efforts, and get better results with a world class tax, bookkeeping or financial education, only from Knowledge Bureau.
The Limitation Period: Providing Taxpayer Certainty for Tax Audit Risk
When can a taxpayer feel certain that their liability to tax will not change for a taxation year or period? It’s an important question to discuss with clients seeking reassurance on their future tax risk. In fact, limitation periods under the Income Tax Act and Excise Tax Act (HST/GST) provide a level of certainty for taxpayers regarding their liability to tax.
Investors: How to Stay Out of Audit Trouble with TFSAs
The TFSA is an excellent savings vehicle for a variety of purposes including saving for large, long term purposes or providing an emergency fund. But there are some restrictions about the type of assets that can be held in this plan, and how often you can trade them, something advisors and clients will want to chat about to avoid a tax audit problem.
How to Determine Whether a Gain is Income or Capital?
Your client has just flipped a principle residence, sold a speculative piece of property or traded frequently in his or her TFSA. Is this a business transaction, a capital gain or an exempt transaction? In order to determine whether a gain is of income or capital nature, there is no determinative test. However, there are some clues to follow in anticipating the tax outcome and an important precedent-setting case.
