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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?
Partnership Opportunity: Help Advisors Prepare for the Roaring 2020’s
Are financial professionals having the conversations required to prepare clients for Black Swan events that could dramatically change balance sheet valuations? That requires acuity – a sharpness of thought and vision - the theme of this year’s Distinguished Advisor Conference in Niagara Falls, October 28-30. We are now inviting proposals on topics to be delivered by sponsors and partners to the event. Here’s why you should join us.
When Money is Tight: TFSA or RRSP?
Is it better to invest your money into your TFSA or RRSP? It’s a choice many have to make between now and the March 2 deadline for RRSP contributions. The date is important because missing it means you could miss out on increased Canada Child Benefits, or be subject to an expensive clawback of EI or OAS benefits. We’ve done some calculations for you so here’s what you need to know:
BC Budget Raises Tax on Top Earners
It is definitely a retirement haven, and up until February 18th, BC was somewhat of a tax haven as well. Unfortunately, the top 1% of income earners in BC will pay $216 million more taxes starting January 1, 2020, as a result of yesterday’s provincial budget. The top tax rate and income bracket has increased 3.7% from 16.8% to 20.5% on taxable incomes over $220,000. This is a change that will affect marginal tax rates on various income sources, including retirement income, and taxable income on final returns of deceased taxpayers, as shown below:
Income Splitting Tip: Invest in a Spousal RRSP by March 2
The spousal RRSP is one of those often-overlooked gems in a long term retirement income planning strategy; one that you shouldn’t overlook in the RRSP top-up discussion before the March 2 deadline. It’s the contributor who gets the RRSP deduction based on his or her own RRSP room, but it’s the annuitant spouse that will draw on the money later, according to special rules. Here are six basic “must-know” tips:
It’s a Leap Year! Some Fun Facts, and a Special Offer…
Did you know about 5 million people in the world have birthdays every four years on a Leap Year? Rumor has it they also have very special powers! With February 29, 2020 just around the corner, we are pleased to share some fun facts about Leap Year with you, along with some special powers to take advantage of our Leap Year Tuition Special, which ends (you guessed it) on February 29!
