Knowledge Bureau Report

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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 2022 Poll

Are your clients concerned they will lose their principal residence exemption due to the new house flipping tax?
Yes: 68 votes
No: 64 votes

Cast Your Vote

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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Does everyone have the same tax filing due date?

No, in fact, the Tax Filing Due Date can vary.

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