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Financial Issues & Answers for Everyone
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.
May 2025 Poll
Does the new government’s promise, expected soon, to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs? What are alternatives in your view?
Life Purpose
"If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success." John D. Rockefeller
Retirement Tax Tip: When Job Loss Results in Early Retirement
Losing a job—especially unexpectedly—can be a difficult life event. You should know how to keep as much as possible of a lump sum that might come your way. The taxes on this lifeline can rob you of precious resources while you look for new work or arrange for your retirement income. There are also investment planning decisions to be made.
How to Increase Your OAS Payments
If you were subject to the OAS clawback on your 2015 tax return, your OAS cheques starting July 2016 will each be reduced by 1/12th of that clawback amount. But there is a way to reduce the recovery tax and increase your monthly OAS cheque.
Canadian Farmers Doing Well Overall
A bright spot in economic news: farmers are thriving! Farming is no easy way to make a living, subject as it is to the whims of weather, disease, currency fluctuations, and more. So it’s good to hear from a Statistics Canada report published on May 25, 2016, that Canadian farmers are doing better than one might think.
Good News on Deferring Recapture of Capital Cost Allowance
When a depreciable asset is disposed of and the result is a negative balance in the CCA class, that negative balance is normally included in the taxpayer’s income (as recapture of CCA) in the year of disposition.
