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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:

March 2023 Poll

The average refund for the first filing month, February, 2023 was $2,295. Should CRA cut back on withholding tax requirements?
Yes: 39 votes
No: 66 votes

Cast Your Vote

Interest Rate Reprieve, But Uncertainty Remains

After eight consecutive rate hikes, the Bank of Canada held its key interest rate at 4.5% on March 8, as the Canadian economy appears to be on track for an inflation rate near 3% by the summer. That’s really good news for worried borrowers, in particular small business owners, who, according a CFIB survey, continue to be burdened by rising costs of running their businesses. A key issue this month for those with a side hustle is the cash flow crunch fueled by tax debt. Tax professionals can be important advocates.

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Is Equality the Same as Equity for Women?

The theme of this year’s International Women’s Day on March 8th is #EmbraceEquity.  It is an attempt to address the fact that Equality is not the same as Equity.  Especially for women.  Equality means each individual or group of people is given the same resources or opportunities. Equity recognizes that each person has different circumstances, and allocates resources and opportunities needed to reach an equal outcome.

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Give Your Clients the Gift of Financial Literacy

Knowledge Bureau has introduced a brand new education tool tax and financial advisors can use with clients this tax and budget season, which may be of particular interest to newcomers to Canada and young new Canadians entering the workforce. The Finding Financial Freedom Collection is ideal – and a great gift - for anyone looking to improve their financial literacy and gain an understanding of the important role that income tax plays on financial health.

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Payroll Issues Can Affect an Organization’s Most Valuable Resource

An incorrect approach to the technical side of payroll poses a risk to both employers and their employees: it can cost them money, cause them to incur penalties with the Canada Revenue Agency (CRA) or worse, face legal ramifications. Especially at this time of year (tax time) the pressure is on.

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First Million Returns Filed: Tax Season 2023 Up and Running

The first 1,256,938 tax returns have already been filed in the 2023 tax filing season and early stats tell us that both average tax refunds and average balances due are rising to unprecedented levels. In an inflationary environment, those are two great reasons to rush to your Tax Services Specialist’s office to get those tax returns done early and then discuss how to plan to make more and save more money – after tax - in 2024.  But there is a third reason too – a looming CRA strike on April 8, a day after strike voting ends.

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