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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:

September Poll

Do you believe the top federal tax rate should rise above 33% on income over $216,511 to help pay down the debt? Please explain.
Yes: 114 votes
44.88%
No: 140 votes
55.12%
 

Cast Your Vote

Repurpose Your Income

There are many different definitions of “income” on the tax return.

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Putting “goodwill” to work for you

Understanding the concept of “goodwill” will work to your advantage, as Greer Jacks explains in this first of a two-part series.

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Do you have to report income from foreign sources?

In some countries, such as the United States, taxation is based on citizenship. In Canada, however, the government levies income taxes based on residency. 

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Mind Your Fs and Ps

Federal tax returns are required to be filed by all Canadians who have a balance due or file to recover overpaid taxes or refundable tax credits. Provincial taxes for the whole year are based on your province of residence on December 31.

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A right once waived is gone

A taxpayer’s failure to have its waiver of appeal set aside reaffirms that validly negotiated settlements between taxpayers and the Canada Revenue Agency (CRA) are not to be questioned by the courts.

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