News Room

Finance Canada Drops Draft Legislation August 15

All professional tax practitioners, financial advisors should take note of an important mid-summer release of draft legislation to implement some of the proposals from the November 2024 Fall Economic Statement, the April 2024 Budget, the EIFEL rules announced on August 12, 2024, and rules relating to passive income of foreign affiliates announced in the 2022 federal budget.  This draft legislation also introduces more modifications to new trust filing requirements. Brief highlights appear below;  technical details will be discussed in the September 17 and November 5 CE Summits and Knowledge Bureau’s certificate course on T3 Filings. 

Knowledge Bureau Designate Highlight: Marlene Donaldson

Marlene Donaldson from Port Elgin, Ontario recently completed the T1 Professional Tax Preparation – Advanced course and believe her goals were met in taking the course.

New! Check out our New Designation Brochures and 2015 Course Catalogue

The 2015-2016 Knowledge Bureau Course Catalogue is now online.

Foreign Income Verification Reporting – Form T1135 (Part 3)

This is the final instalment of a three-part series on Foreign Income Verification.

CPP – Now or Later? (Part 2)

Last week in Part 1 of CPP - Now or Later, we discussed that one of the more difficult decisions for those approaching retirement is when to start receiving their CPP retirement pension.

False Statements on Tax Returns Leads to Fine, Jail Time

According to an  article posted on the Canadian Revenue Agency (CRA) website, an Ottawa woman was recently sentenced to 30 days house arrest and ordered to pay a fine of $47,789 due to false statements made on her income tax return.

Family Tax Cut Changes Conventional Wisdom for RRSP Contributions

Before the Family Tax Cut provisions it was straightforward, a given RRSP contribution was always more beneficial if claimed by the higher-income spouse.
 
 
 
Knowledge Bureau Poll Question

A public consultation on whether the CDIC’s deposit insurance limit should be raised to $150,000 per deposit category is underway. Do you agree?

  • Yes
    79 votes
    92.94%
  • No
    6 votes
    7.06%