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Financial Issues & Answers for Everyone
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.
May 2025 Poll
Does the Liberal promise expected soon to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs?
Late Year Tax Changes Affect Donations, Auto Expenses
Happy New Year 2025! In case you missed it, there was some late year tax news to share from Finance Canada: an extension to the charitable donation contribution deadline from December 31, 2024 to February 28, 2025. In a second announcement, the automobile expense limits for 2025 were finally announced. Here’s what you need to know:
Tax Changes Affecting Real Estate in 2024
The federal government will restrict the deductibility of rental income expenses where short term rental ventures fail to meet local regional by-laws starting in 2024; based on tax law passed on June 20, 2024. However, there are also provincial tax consequences when it comes to real estate taxation in two provinces, that should be noted:
Mark Your Calendar: Early 2025 Tax & Financial Milestones
Tax Filing Milestones for January, February and March 2025: Mark your calendar for these upcoming tax, investment and financial milestones and remind your clients. Check it out - don’t forget the brand new deadline on February 28, 2025 below:
Should the Feds Proceed with $250 Working Canadians’ Rebate in 2025?
It was a controversial move that contributed to the resignation of Canada’s Finance Minister: a GST/HST Holiday and a proposed $250 Working Canadian’s Rebate for those who filed a 2023 tax return, had a net income under $150,000, and also contributed to the CPP. Was it a good idea? The future of the Working Canadian’s Rebate remains uncertain, as it was noticeably absent from the government’s December 16 Economic statement, and that’s okay by Knowledge Bureau Report readers: 85% answered no to going ahead with this poorly-received program. Here’s what our readers said:
The January 15 T1 Advanced Tax Update, Plus Something New!
The early-bird deadline for the January 15 Virtual CE Savvy Summit is coming up next week, and you don’t want to miss this event which will deliver an Advanced Line-by-Line T1 Tax Update coveted by tax and financial pros from across Canada. This full-day live event and accompanying online course will prepare you and your staff for tax season 2025. Receive the “Tax Bible” – Knowledge Bureau’s line-by-line desktop reference – and upskill your team’s knowledge ahead of tax season with low team member rates! Plus, check out new CE Savvy Mini Summits: these are new half-day events drill down on key tax auxiliary tax form filings, including late form releases from CRA for capital gains, real estate and proprietors.
