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STAY UP-TO-DATE WITH BREAKING TAX AND INVESTMENT NEWS.

A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.

This Week’s Edition of KBR:

February 2025 Poll

In your view will the new U.S. tariffs affect your clients’ business and retirement plans?
Yes: 19 votes
82.61%
No: 4 votes
17.39%
 

Cast Your Vote

Get Hooked on Preparing Taxes!

New! Get hooked on preparing income taxes for tax season 2025 with dozens of true-to-life case studies using professional tax software to build your confidence.  It’s Knowledge Bureau’s Canada’s Income Tax Fundamentals, now available for online training.  It features a dynamic 3 hour instructional overview  - worth the price of admission on it’s own plus personal instructor support!  It’s perfect for anyone new to personal tax filing - really valuable for career development in tax preparation or financial services.  Here are the details.

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Official 2025 Acuity Conference Venue: Sheraton Buganvilias Resort and Convention Centre!

Get ready for the Acuity Conference for Distinguished Advisors experience in Puerto Vallarta, November 23-26, 2025 where we’ll be gathering for 4 days of mornings in session, afternoons in the sun, and fun and fiesta at night! We’re pleased to announce our official conference venue: the Sheraton Buganvilias Resort and Convention Centre. This is an All Inclusive resort experience at exclusive prices for KB Delegates. Check out the details and register for the conference now and you'll receive access to book your hotel room! Team member and group rates available.

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T3 Trust Filing in 2024

There have been recent changes in the mechanics of how trusts function, including the Graduated Rate Estate (GRE) rules along with new rules in regard to which trusts are required to file a return every year regardless of whether or not there is income to be reported for trusts with taxation years ending after December 30, 2023. The deadline for filing those return is no later than 90 days after the trust's tax year-end. This is generally December 31. Therefore, trusts with a December 31, 2024, must file a T3 by March 31, 2025.

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Tax Change: Advise Taxpayer About Short-Term Rentals

Taxpayers who own a residential property and rent it out must be aware that income reporting is required in most cases.  Further if the rental was for periods of less than 90 days, expenses to offset that income could be restricted.  These Short Term Rental (STR) rules are new for the 2024 tax year.  Here’s what you need to know based on recent directives from Finance Canada and the CRA, which includes a brief reprieve for some STR owners in 2024:

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STR:  What Residential Property Owners Need to Be Audit Proof

The federal government has introduced legislation to disallow the claiming of all expenses against rental income produced through non-compliant short-term rental ventures as of January 1, 2024. This applies to those who earn income through short-term rental platforms like Airbnb or VRBO. How can taxpayers ensure their short-term rentals become and remain compliant?  This is important because of the vast new audit powers CRA has in this regard. 

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