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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.
September Poll
Should Canada have a minimum Basic Income in place for all Canadians?
Graduating Class 2020: Congratulations, Designates!
Knowledge Bureau is pleased to recognize the achievements of its graduating class July 2019- June 2020 at the Virtual Distinguished Advisor Conference (DAC), October 28-30. Be sure to find yourself and/or your colleagues and friends on the honor roll and graduating class list of Designates below. Congratulations are in order for all!
Check It Out: New Fall Study Calendar
Check out our new calendar for your fall studies. Now is the time to enrol to study on your own time with online training or try and interactive Virtual Class Option. Act by September 15 to take advantage of early registration offers.
Household Income Over $90,000: Taxes 43% , Basic Necessities 36%
In 2019, the average Canadian family spent 42.6% of their household income on taxes according to a new study by the Frasier Institute. Yet, they spent only 36.2% on the basic necessities of life, including housing, food and clothing. The issue for tax and financial professionals is: what can be done to tip the scales in favor of funding basic necessities now, while preparing for a future that could include taxes, inflation, and unemployment? Six strategies appear below.
OFSI COVID-19 Relief Programs for Pensions & Loans End
Although the federal government recently extended some of the COVID-19 relief programs, including a September 26 CERB extension and a further plan to transition to a revamped EI program, other measures put into place are coming to an end. Specifically, those under the Office of the Superintendent of Financial Institutions (OFSI) umbrella that impact both pensions and loans, are transitioning back to normal.
Poll Results: CEWS is Too Complicated
The Canada Emergency Wage Subsidy (CEWS), which has generously provided emergency relief for wages paid during periods of revenue decline, has been extended, potentially to the end of the year. But there’s one big problem with the program, according to 65% of our August Knowledge Bureau poll respondents, and that’s complexity. Close to 700 financial professionals believe that the revamped program is too complicated, although many stated this complexity is likely required to ensure fairness. Here’s what they said:
