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.Learn Professional Basic Tax Preparation
It’s not too late to learn to prepare personal income tax returns from your home or office and now you can confidently learn and practice with Knowledge Bureau’s newly released Professional Entry level course.
How to Reduce Borrowing Costs With Tax Efficiency
After years of historically low interest rates, lending rates have risen dramatically since March 2022 with prime rates rising 2.25% in just over 4 months. Many clients are now becoming more concerned about the impact rising rates will have on their cash flow and looking for ways to reduce their borrowing costs. One way is to be sure tax deductions for interest costs are maximized. Here’s how:
Back to University: Who Claims Tuition Fees
University bound? It’s an exciting time of life for both young adults and their parents, both of whom may be able to write off some of those expensive tuition fees. What else is new is your tax filing status. A Tax Services Specialist can help answer your questions and a handy guide to the rules follows:
A Big Issue for Pros: Finding Skilled Staff
Over 90% of professionals are having a tough time finding skilled staff, according to this month’s Knowledge Bureau Report Poll. We thank Anne Laurin, Founder and CEO of Tax Busters in Barrie, Ontario for her astute commentary on this critical issue for Canadian tax professionals. She offers several reasons for this troubling trend, and we hope you will weigh in too.
Come to DAC, Get the Ontario Staycation Credit
Many Ontarians may already be enjoying their summer vacations in their home province, fully mindful of the fact that doing so, they are earning a refundable tax credit. But, did you know that if you make the great decision to come to the DAC Acuity Conference, being held October 16 to 18 in beautiful Niagara Falls, you could also qualify for the Ontario Staycation Tax Credit if you linger before or after for some personal R & R? Details follow:
Summer Break Week & Summer School Enrolment Opportunities
Knowledge Bureau Report will be on a summer vacation next week, but Knowledge Bureau is open for your questions, registrations in courses and student support, as usual. Here’s an opportunity to review your August summer school options and under your belt before the fall, with some new offerings from Knowledge Bureau:
