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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 Poll

The RRSP deadline for the 2023 tax year is February 29. From a wealth planning perspective, do you think middle aged Canadians should invest in a TFSA instead?
Yes: 78 votes
No: 45 votes

Cast Your Vote

A Primer on Trusts in 2024

A trust, unlike a person or a corporation, is not a legal entity... A trust is simply a legal  relationship between the trustee, who holds legal title to the subject property of the trust and the beneficiaries, who hold beneficial title to that subject property. However, there is one exception to the general rule: a trust is a legal entity for tax purposes.  Subsection 104(2) of the Income Tax Act (Canada) specifically provides that a trust is an individual for tax purposes and, thus, is considered a separate taxpayer.

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Need CE Credits?  Try Our CE Savvy™ Micro-Courses

Knowledge Bureau has a new CE Solution for financial advisors and you can even take one of them for free.  But that’s not the main reason you’ll want to check out our CE Savvy™ Micro-Course Collections! The education is fantastic and the new learning platform is amazing.  Firms are signing up, and independent advisors, too.  Here’s why Tony Mahabir, MBA, CMC, RWM, CIM, RRC, CFP, FP Canada Fellow and President of the CANFIN Group of Companies and is so enthused:  

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February Tax & Investment Planning Milestones

Here they are:  the big conversation starters for your clients this month – something new for every demographic!  Take the time to be proactive, especially because this year is a Leap Year and most important, because CRA starts processing the 2023 T1 returns this month!  Tax season 2024, in other words, is officially underway!

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EOT: New $10 Million Exemption on Business Succession

February is the month to focus on retirement savings for a future of financial security.  For business owners that is particularly important as they often have all their retirement eggs in one basket:  the business.  It’s not easy to sell a business and when the time comes, it’s important to know about the latest tax-advantaged succession option, which comes with a $10 million Capital Gains Exemption.

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Paper Returns: When Preferred, When Required

Processing a tax return will begin on February 19 and that’s also the date any paper tax return packages will be mailed.  If you want to receive your return, refunds and Notice of Assessment faster, electronic filing is the way to go – and about 93% of Canadians chose that option last year.  Aside from accessing the tax forms and line-by-line instructions immediately, CRA promises that processing an electronically filed return will take about two weeks, as opposed to 8 weeks for paper returns, according to CRA’s service standard.  But in more than a dozen instances, paper filing is actually required.  Check it out here: 

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