News Room

Tax Shock Adds to Family Heartbreak

Last month the sad story of an Ontario family who suddenly lost both parents in 2024 was shared in Burlington Today.  The tax outcomes were just as shocking as the two deaths from unrelated causes.  There was a cottage, a large RRSP and a big tax bill.   Some of the outcomes could have been mitigated with some planning.   I sat down with CTV’s Pat Foran to discuss the outcomes – with a message important to family planning.  

Affordable Homes and the New CMHC Rules

The 2019 Federal Budget introduced two changes aimed at making it easier for first-time home buyers to purchase a home in Canada. This is important due to the new mortgage stress test, and also raises other important questions should housing prices drop.

Keep Above Board with Real Estate Investments

The CRA recently released a notice that warns Canadians to be on the lookout for real estate investment schemes that promise a significant tax write-off—more than double what you invest. But the old adage rings true: if it sounds too good to be true, it probably is. If you have a client approach you about a great real estate investment, here’s what you need to know to provide them with sound, financial advice:

Save 10% on Tuition When You Study Online with a Buddy

Mentorship matters, and online studies offer a great opportunity for you to encourage the continuing development of your hard-working tax or financial services team. To support you in your business development pursuits, Knowledge Bureau is introducing a new “Study With a Buddy” enrolment offer.

Graduates in the News – Jim Gunn, CFP, RWM™

Knowledge Bureau graduate Jim Gunn of Ontario pursued his Real Wealth Management (RWM™) designation to complement his other credentials, which including CFP, RRC, CEA, CPCA, and Insurance Broker. His goal in obtaining his RWM™ was to help his diverse client-base with niche issues using a holistic approach while building trust and delivering value. Here’s his story:

Tax Evasion, Not Tax Reform on the CRA Agenda

Tax evasion will take precedence over tax reform according to the federal Finance Minister, who attended a June 5 meeting of the Senate Finance Committee. That’s the same day the Joint Chiefs of Global Tax Enforcement (J5), which the CRA is a part of, celebrated its first anniversary.

When You Owe the CRA: Managing Interest Costs

Monday June 17 is the tax filing deadline for proprietors and many of them will owe money to the CRA. In fact, over  5.6 million returns filed as of May 27, 2019, had balances due averaging $5244. Three things must be managed if you owe: interest on late payments, potential offsets and adjustments, and your relationship with the collections office. 
 
 
 
Knowledge Bureau Poll Question

Do you believe SimpleFile, CRA’s newly revamped automated tax system, will help more Canadians access tax benefits and comply with the tax system?

  • Yes
    4 votes
    11.76%
  • No
    30 votes
    88.24%