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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:

February Poll

The RRSP deadline for the 2023 tax year is February 29. From a wealth planning perspective, do you think middle aged Canadians should invest in a TFSA instead?
Yes: 78 votes
No: 45 votes

Cast Your Vote

CRA Has an Informant Leads Program

Fight with the neighbor? An ex-partner? There are tax reasons to make up and repair burnt bridges: tax snitching can be nasty. 

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Entertaining? What are the Rules to Writing Off Hospitality, Meals, and Entertainment?

CRA issued IT 518 to overview their position with regard to the deductibility of food, beverages and entertainment. Reasonable amounts may of course be deducted, if incurred to earn income from a business or property.

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Understanding Segregated Funds

Investors seeking safety and guarantees often have segregated funds in their non-registered investment portfolio. Segregated funds are mutual funds wrapped up with a life insurance policy to provide a death benefit as well as a guarantee of principal.

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Manage Instalments: Avoid a Balance Owing of More than $3,000

Avoid owing more than $3,000 at your balance due date.

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Year-End Planning: Verify Charitable Status

Year-end is charitable giving time, but remembering to verify the tax status of any organization that you intend to donate a considerable sum to is very important as not all benevolent oriented organizations will allow a tax credit under the Income Tax Act. Last month, a hopeless appeal was lost in the Tax Court of Canada, for example.  

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