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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:

January Poll

In your opinion, is the new $931 enhancement to the federal Basic Personal Amount for those with incomes under $150,473 an improvement to our tax system?
Yes: 66 votes
35.48%
No: 120 votes
64.52%
 

Cast Your Vote

New 2019 T1 Tax Return: Longest in History

At 8 pages, the 2019 T1 return is the longest tax form in history.  It could also be the most complex, says Evelyn Jacks, President of Knowledge Bureau, who together with special guest experts, will be hosting a 6 city national education tour in January to teach professionals about the changes to the forms, line numbers and the detailed legislation behind them. 

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Designates: Don’t Miss Your Dec 31 Re-certification Deadline!

Keep up your credentials in 2020. If you are a Knowledge Bureau designate, be sure to update your status as per our Standards of Conduct, which require relicensing to use the designation marks at year-end. You should have received your re-licensing notice by now; if not please contact us before the holidays.

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The New BPA: Now Confirmed, It’s Complicated

On December 9,2019, the new government has introduced the legislation to implement changes to the Basic Personal Amount (BPA). This is a broad-based tax change that should put more money into employees’ pockets every payday, and help to reduce quarterly or annual instalment remittances for others. But, it’s all very complex and the changes are scheduled to begin in 2020. There is a spoiler alert, however.

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Managing TFSA Misconceptions: Avoiding Errors and Omissions

The Tax Free Savings Account (TFSA) has been with us for a decade now, yet there are many misconceptions about it. For example, the 2019 contribution limit is $63,500 for those who have been eligible to contribute every year since 2009. That’s residents of Canada who are 18 or over. If you turned 18 in 2019, however, you would contribute based on the current year limit of $6000. Another big problem: when to replenish your withdrawn funds.

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Are Canadians Financially Literate? Professional Advisors Weigh In

New data from the 2019 Canadian Financial Capability Survey* shows that Canadians are under increasing financial stress. However, only 49% seek the help they need from tax and financial advisors. Additionally, according to the pros who answered Knowledge Bureau’s poll last month, there are significant knowledge gaps that exist among Canadians when it comes to their financial literacy. The reasons are both diverse and very interesting. 

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