Wildfires: Apply for Taxpayer Relief Provisions
It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.Poll: Is it Premature to Reduce the Canada Recovery Benefit?
On June 23, the April 19, 2021 Federal Budget was passed into law by the House of Commons. It included changes to pandemic supports, including the extension and reduction to the Canada Recovery Benefit to $300 per week. Our June Poll asked our readers if they feel this move is premature, and the answers provide insights to the question “Is it time to get our economy back to normal?” For the majority of our June Poll respondants (66%), the answer is ‘yes’ it’s time. But it was a close neck-in-neck race and insights from both sides of the equation are enlightening. Please read on to find out why:
Re-Discovery: Introspection Required to Meet New Demand
Are financial advisors failing the next generation? A new survey says “yes”, as younger investors are dropping their financial advisors in favor of DIY (Do-It-Yourself) investing. This requires introspection, especially by advisors who want to build practices for the future. Fees are a big trigger, but looking more closely, there are two more compelling reasons which top advisors can step up to address.
June 30 Deadline Reminders: Designates, Grads and New Students
June 30 is an important date to remember for both New Students and Grads at Knowledge Bureau! Designates must recertify to continue to use their designation marks, while graduates will want to take advantage of their time limited VIP Grad discounts to continue their studies. For new students, there’s an opportunity to explore tuition offers on both online and instructor led courses. Here is a rundown on opportunities for you. Our friendly educational consultants are standing by to help. call 1-866-953-4769 for personal assistance or email registrar@knowledgebureau.com.
KB Grads in the News – Tracy Khamis, DFA- Bookkeeping Services Specialist™
Tracy Khamis shares how earning her DFA-Bookkeeping Services Specialist™ Designation has added value both for her clients, and for her business. Inspired by Tracy’s experience with a Knowledge Bureau education? Check out this month’s special summer school tuition offer and enrol by June 30!
Biggest Tax News in a Century: An International Corporate Minimum Tax
The tax challenges arising from globalization and digitization have led to the most significant tax news in a century: a global minimum tax on corporations. This was the big tax news introduced at the G7 meeting on June 5, 2021. It is a serious problem that gives corporations the ability to shift profits away from the jurisdictions in which those profits were earned, thereby eroding the tax base. This article will address the basics of those changes.
When Should Retirement Planning Begin?
It’s a good question and the answer is simple: the start date for formal retirement planning is earlier than one would think. In fact, the most successful retirement savings results occur in the early stages of adulthood and they reflect purposefully on two key questions that otherwise plague most people throughout their lifetimes: “Will I have enough to retire?” and “How long will it last?”
