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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 new government’s 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? What are alternatives in your view?
Need Reliable Answers to Tax Questions, 24/7?
Are you frustrated with long wait times for CRA responses or unsure if the answers you have been given are right? Although the CRA has recently hired a third party to give “general” answers about pandemic supports on the T1, professionals need to be precise when filing. Having fast, authoritative access to tax questions helps down the line at tax audit time, too. That’s the role of Evergreen Explanatory Notes, available 24/7, in your professional toolkit.
Become a Bookkeeper of Tomorrow, Today
Now is the right time to consider a career in professional bookkeeping, as small business owners in Canada need your help to navigate the repercussions of the pandemic and its fallout. Meet the high demand for qualified practitioners to take the burden of bookkeeping and CRA remittances off their shoulders. Become a credentialled bookkeeping services specialist.
Tax Quagmire: Tough to Comply with a Moving Target
The federal government has changed its mind: at least some of the self-employed people who received the Canada Emergency Response Benefit (CERB) based on erroneous instructions from CRA no longer have to repay the benefits. But the heavy audit response following the pandemic emergency provisions has resulted in a tax quagmire for many. Tax specialists can help.
CRA Announces Tax Debt Relief
Kudos to the CRA. They may just have heard your feedback on our January poll where the vast majority of advisors suggested that the CRA should cut people some slack. Yesterday they did, with the announcement that interest relief would be available for taxpayers who made under $75,000 and received pandemic support benefits in 2020. There is more good news, too, for refundable tax credit recipients.
Home Workspace “Simplification” Costs: $260 Million
It appears that $2 a day adds up to millions of dollars in tax costs for the government. The Parliamentary Budget Officer (PBO) released the costs of the new simplified home workspace expenses on February 4, now estimated at $260 million. The costing provides some interesting insight on expense filing by employees.
