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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:

May Poll

In your opinion, have governments effectively interpreted the financial effect of the pandemic on small businesses across Canada?
No: 1293 votes
96.06%
Yes: 53 votes
3.94%
 

Cast Your Vote

RRSP Over-Contributions and Excess Contributions

To cushion errors in contributions due to fluctuating RRSP room, an over-contribution limit of $2,000 is allowed without penalty, provided you are at least 18 in the preceding taxation year.

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The Court’s Analysis: Should Costs of Funding Young Tennis Talent Be Allowed?

Last week Knowledge Bureau Report told you about Michel Bouchard (the “Appellant”) established a partnership known as the Tennis Mania Limited Partnership (“the Partnership”) in order to generate funding to support his daughter’s tennis development. At just 9 years of age, the Appellant was confident that his daughter was talented enough to make a career out of playing tennis. What did the Tax Court of Canada think of the arrangement?

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Extension of the Electronic Filing Season

As part of its ongoing efforts to improve electronic filing processes, the Canada Revenue Agency (CRA) is pleased to announce the extension of the electronic filing season for 2012 T1 tax returns.

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Is a Loss on My Personal Residence Deductible?

What are the tax consequences when you sell your home, a personal use property, for a loss or make a bundle on grandma’s antique silver goblets, a listed personal use property? Here are the rules.

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Why Tax Pros Are Worth Their Salt – Part II

A follow-up on excellence at CRA. MFA, DFA-Tax Services Specialist, Alan Rowell, reporting.

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