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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.
July 2025 Poll
Do you believe Canada’s tax system based, on self-assessment, has suffered under recent changes at CRA and by Finance Canada? If so, what is the one wish you have for tax reform?
New CEWS Calculator for Periods 5 to 9
As we reported in our last KBR, the new Canada Emergency Wage Subsidy (CEWS) was extended to include 9 Periods, but this extension brings some mind-numbing complexity with it. Businesses can apply for the subsidy starting on Monday, August 17 for Period 5, which began on July 5 and runs to August 1. CRA has also developed a CEWS calculator and spreadsheet to help make the claim. Here are the highlights of how it works:
Employee Perks: Refresh Your Skills with New Advanced Payroll Course
Payroll is a lot more complicated to calculate when employers offer perks to their employees. But these taxable and tax-free benefits, which can include reimbursement of housing losses and interest-free loans or parking costs, can make it more attractive for employees to sign on and stay. For example, did you know…?
Optimize Elections to Split Income by September 30
Did you know you can go back 3 years to optimize pension income splitting? You have up to three years to elect to split pension income, or to amend an election. With the effective due date for the 2019 return being September 30, 2020, one might think that the 2016 election could be amended up to the end of September 2020, but that’s not the case. Changes to the 2016 election had to be made by May 2, 2020 (three years after the due date for the 2016 return). However, changes to the election for 2017, 2018, and 2019 may still be made.
The Virtual DAC Agenda is Shaping Up – It’s Phenomenal!
Delegates coming to Virtual DAC 2020 are in for an outstanding educational experience which includes pre-approved CE Credits and the promise to be the most unusual and memorable virtual conference you will ever attend. Check out the highlights: our incredible speakers, their cutting-edge topics, our pre-eminent sponsors and our delegates from coast-to-coast, who will participate in everything from wine tasting to cooking classes and goat yoga, after the educational events! Register by September 15.
Breaking News: Tax Filing Deadline Extended Again Until September 30
The federal government announced Monday that tax filing and payment deadlines have been informally extended once again, this time until September 30. Though the deadline officially listed remains as June, no late filing penalties or interest will be charged provided the new September 30 deadline is met. However, tax credit or benefit recipients should file as soon as possible to avoid interruptions in payments.
