Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:From Commissioned Employee to Self-Employed: Navigating Tax Treatment After Bankruptcy
When a commissioned salesperson receives a T2200 form from their employer, it opens the door to deducting employment expenses that are typically off-limits to salaried employees. But what happens when that employer goes bankrupt and the salesperson pivots to self-employment? This article explores the tax treatment of such a transition, using a realistic scenario to illustrate the rules and opportunities available under Canadian tax law.
Maximize Your Charitable Giving: Tax Benefits of Non-Cash Donations
Charitable giving is a meaningful way to support causes you care about—and in Canada, it can also be a strategic financial decision. While cash donations are common, gifting appreciated securities or valuable personal property such as jewelry can provide enhanced tax advantages. Donating these assets directly to a registered charity allows individuals to avoid capital gains tax and claim a charitable donation tax credit based on the fair market value of the gift. But they might be surprised by the AMT - Alternative Minimum Tax. That’s where a tax specialist and a great income tax calculator comes in.
Build a Stronger Tax Team in 2026: Professional Training Solutions for Businesses
As Canadian businesses prepare for another demanding tax season, leaders are facing a familiar challenge: sourcing skilled, confident staff who can handle increasingly complex personal and corporate tax filings. Whether you employ seasonal rookies, returning preparers, or full-time financial specialists, the need for structured, up-to-date tax training has never been higher, and there are some important educational opportunities coming up from Knowledge Bureau.
Thumbs Down on Federal Budget
“Do you believe the November 4 Federal Budget addressed the key financial issues your clients need to see from their Finance Department and the CRA?” That’s the question we asked Knowledge Bureau Report readers last month. Over 86% of the respondents said the government got it wrong. Some comments about what was missing below. Also, now’s the time to weigh in on the final poll question for 2025.
The Acuity Conference 2025 Special Report
Available Tomorrow! The Special Report on the 2025 Acuity Conference for Distinguished Advisors (DAC) captures the key learning, insights, and highlights from the 2025 Acuity Conference for Distinguished Advisors in Puerto Vallarta. The reviews from delegates, like Jane’s below, were amazing and so were the pictures, the gorgeous vistas and above all, the “A” game the outstanding speakers brought to their current and relevant topics!
Final Payments Finally: Canada Carbon Rebate for Small Business
A portion of fuel charge proceeds from the price on pollution was promised to eligible small and medium-sized businesses via the Canada Carbon Rebate for Small Businesses (CCRSB). Now, the final payments for the 2024-2025 year will be coming before the end of 2025, in designated provinces. That announcement was made on November 14. Here’s what to expect:
