News Room

New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

Featured Book: Essential Tax Facts

Learn effective and practical money-saving strategies! KBR readers receive $5 off if they order before December 10.

$500 boost to TFSA limit in 2013

In 2013, you will be able to contribute an additional $500 to your Tax-Free Savings Account (TFSA), taking the annual contribution limit to $5,500.

Lack of succession planning could dampen economic growth

Aging small and medium-sized business owners are ill prepared to transition their businesses and that oversight, says CIBC economist Benjamin Tal, could be costly — for business owners and for the economy.

Evelyn Jacks: Giving the gift of tax freedom

Christmas has just gotten a lot easier in Canada, thanks to the Santas in the federal government.

“Break fees” taxable as income

If a company receives a “break fee” in a failed takeover attempt, that fee is income for tax purposes, not a capital gain or a non-taxable “windfall.”

Competency-based hiring

If you are hiring, it is important that you hire the “right” person for the job and “competency models” can help you do that.
 
 
 
Knowledge Bureau Poll Question

In your view, should Canadians be able to write off more of their out-of-pocket medical expense costs? What amount would be appropriate?

  • Yes
    48 votes
    94.12%
  • No
    3 votes
    5.88%