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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

Should Canada have a minimum Basic Income in place for all Canadians?
Yes: 224 votes
50.91%
No: 216 votes
49.09%
 

Cast Your Vote

Applications Open for CEWS Period 5

Despite a hack at CRA, which shut down its site for applicants of various pandemic relief programs, Period 5 Canada Emergency Wage Subsidy (CEWS) applications can now be accessed.  This newly extended program also marks the beginning of new eligibility requirements. There is now a sliding revenue test, eliminating the requirement for a minimum 30% drop. In addition, a special top-up subsidy is available to some employers.  Following are details to consider:

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Mini Tax Filing Rush Coming: 1.8 Million T1s Still Outstanding

Close to 2 million people still need to file their tax returns for 2019 before September 30 to avoid late filing penalties if they owe.  That means there is still an “end of tax season” rush coming for busy tax professionals. CRA released tax filing and processing statistics on August 10 which also show the numbers for average refunds and balances due for the 2019 tax year. That the average refund for 2019 was $1840 and the average balance due is $6,070. 

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Financial Fallout: Seven Strategies for Unemployed Clients

As Canadians face the prospect of higher spikes in COVID cases this fall, the financial fallout will be grim for millions who also face the loss of CERB and other safety nets that were available in the first wave of the pandemic. There are seven basic strategies advisors and clients can discuss now in anticipation of a 2020 tax year dominated by pandemic stress and a 2021 that may be characterized by more debt, and more tax audit potential:

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Meeting of the Minds Discussion August 27, 11:30 EST: Wealth Preservation

Join some of Canada's leading Real Wealth Managers™ for a discussion about wealth preservation in these very uncertain times. It’s a  free virtual, national conversation that brings together advisors from the tax, bookkeeping, insurance, financial planning and legal communities to discuss true-to-life issues that require inter-advisory collaboration. Details below.

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New MFA-P ™ Graduate in the News:  Michael Flux

Michael Flux, Executive Vice President and Portfolio Manager at Connor, Clark & Lunn Private Capital Ltd. helps high net worth families and foundations reach their long-term financial goals by providing pension-calibre investment solutions. “My aspirational goal in life,” says Mike, “is to leave much good behind.”  He has recently enhanced his education to earn the MFA-P™ designation to help him in that quest.

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