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:

August Poll

Do you think that seniors over the age of 75 should continue to get the 10% increase in their Old Age Security benefits which began in July of 2022?
Yes: 96 votes
80.67%
No: 23 votes
19.33%
 

Cast Your Vote

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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Taxpayer relief for 2002

Taxpayers and all tax registrants have until Dec. 31, 2012 to file requests under the taxpayer relief provisions for the 2002 tax year and any reporting period that ended during the 2002 calendar year.

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