Observing National Truth and Reconciliation Day
In observance of Canada’s National Truth and Reconciliation Day, September 30, Knowledge Bureau will be closed, to allow staff and students to remember and honour Residential School Survivors, their families, and those who never returned home and reflect on their personal participation on the Journey to Reconciliation.Signature Conference Brings Canada’s Leading Wealth Advisors to Victoria, B.C.
The Acuity Conference for Distinguished Advisors (DAC) is Canada’s preeminent conference for wealth advisors from the tax accounting and financial services industry and it will be held in Victoria, B.C. November 21 to 24. At a time when a new Canadian economy is facing challenging global headwinds, the 23 speakers at this unique conference will break down the cutting edge issues taxpayer and their advisors are facing. This is also your opportunity to build strong inter-advisory relationships with like-minded pros from coast to coast. Enrol by September 30 for early bird tuition rates.
Five Advanced Tax Updates, One Professional Pathway
Knowledge Bureau’s Senior Tax Specialist Diploma helps you create an important new role in advance of tax season: a confident and experienced senior leader who can better answer tax questions from new employees and clients. Now is the time to enrol and get started. Here are the details
New Mega Deduction a Good Start, But More Tax Reforms Are Needed
The Federal government has unveiled a Productivity Mega Deduction, which will provide immediate expensing under Capital Cost Allowance (CCA) provisions for a broad range of depreciable property, importantly on a permanent basis, for acquisitions on or after September 15, 2026. Check out the noteworthy exclusions are listed below. This tax reform is a good start, but much more needs to be done, especially for small business owners and average taxpayers to make Canada truly competitive across our tax base.
Avoiding the Auto Expense Audit
There are nearly 1.2 small businesses in Canada along with many more individuals who are in the GIG economy, or earning income through contract or freelance work. It’s critical for these clients to report all income and to accurately report any legitimate deductions and expenses – including those related to mixed-use business-use vehicles. Those expenses are always audit-prone. Here are some tips to discuss with clients to make sure those auto log details are up-to-date and to prepare them for potential decisions before the year end: should I buy or lease a new car?
When a Bonus Comes with a Tax Bill
You probably don’t have any clients who have received a US$12.25 bonus. But that’s what Toronto Maple Leafs star John Tavares received when he signed with the club. In August, Tavares appeared in court, to fight an $8 million tax bill. $1.2 million of that amount is interest which CRA says he owes.
One Week Away: Prepare for Today’s CRA Audit Environment
What’s changing at CRA? Who is at greater risk of an audit? What can CRA demand, and how should you respond when an assessment is wrong? In just one week, the September 23 CE Savvy Summit: Audit Defence Management brings together Evelyn Jacks, Ruth Horst and Kim G C Moody for a comprehensive update on the issues tax professionals need to understand to prepare stronger filings and defend their clients.
