Tax Pros: Canada’s Tax System Has Taken a Big Hit
Canada’s tax and financial pros weighed in enthusiastically on last month’s two-part Knowledge Bureau Report Opinion Poll in which we asked: "Do you believe Canada’s tax system based on self-assessment, has suffered under recent changes at CRA and by Finance Canada?" 71% said yes. Part 2 was this question: "If so, what is the one wish you have for tax reform?" The responses were very interesting:New! CE Master Micro-Credentials: Specialized CE for Experienced Pros
Today’s most successful advisors and tax professionals know that ongoing education is not just about compliance—it’s about leadership, specialization, and delivering better client outcomes. For practitioners who seek to diversify their knowledge across multiple financial disciplines, Knowledge Bureau’s CE Master Micro-Credentials offer a focused, practical path to sharpen expertise and stand out in an increasingly competitive and regulated industry. . .at a special introductory offer for the month of July.
Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.
The PIT Cut Arrives July 1. . .But Will You Notice?
It’s here! The Personal Income Tax (PIT) relief offer to Canadians in the form of a 1% change in the lowest federal marginal personal income tax rate (PIT) takes effect on July 1. . .so it is half of a percent for 2025 and this rate will also apply to reduce the value of most non refundable tax credits. That makes it complex and hard to quantify. Just how much will you get? Canada’s Parliamentary Budget Officer, Yves Giroux, has broken down the impact of this 1% shift. The results are not as impressive as first presented to Canadians.
Tax Primer: Who Needs to Register to Remit GST/HST
Navigating the complexities of tax compliance is a critical part of running a business in Canada—and understanding the Goods and Services/Harmonized Sales Tax (GST/HST) is a key component. While not all provinces participate in the HST system (those who don’t remit GST only), every business owner should understand what it is, how it works, and whether they are required to register.
Household Debt: Larger Than Canada’s Overall GDP
It’s almost the halfway mark in the year 2025! How prepared are Canadians for uncertainty and volatility ahead? StatsCan is reporting that our debt to income ratio worsened in the first quarter of 2025. There is an opportunity for advisors to start year end tax planning early to engage clients in solutions to pay down debt. Online certificate courses leading to the DMA (Distinguished Master Advisor) designation can help shore up knowledge on tax, accounting and budgeting as well as business forecasting and planning gaps this summer. Here’s the backdrop:
The Shifting Landscape of Philanthropy in Canada
Charitable giving has changed noticeably in recent years. As professionals who prepare tax returns or provide estate and legacy planning services, you will almost certainly have noticed a decline in the number of clients who are giving. But donors who plan strategically throughout the year may be more inclined to give more and most important, highly value the opportunity to discuss this with a training strategist. This is where the MFA-P™ designation program comes in. Consider the following as a key professional opportunity:
