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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:

June Poll

In your view, is the reduction of the Canada recovery benefit to $300 a week premature?
Yes: 47 votes
No: 73 votes

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How the “hallmarks” apply to proposed anti-avoidance rules

Proposed changes to the Income Tax Act will oblige taxpayers to report “avoidance transactions” if the transactions include two of three existing “hallmarks.”

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First-quarter interest rates

The prescribed annual interest rate that will apply to any amounts owed to the Canada Revenue Agency (CRA) is 5% for the first quarter of 2013, unchanged from the previous quarter.

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Claim tax credits in year paid

Claims for the Children’s Arts and Children’s Fitness tax credits are based on when the payment is made, not the year in which the activities are scheduled.

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Income Tax Act’s new anti-avoidance provisions

If the federal government decides to crack down on “aggressive” tax avoidance transactions, does it signal a sea change for advisors or is it really much ado about nothing?

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Taxing retroactively is legal

Imposing taxes retroactively seems contrary to a rational, moral approach to taxation, but it is legal.

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