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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
63.41%
No: 45 votes
36.59%
 

Cast Your Vote

Charitable Donations – No Receipts, No Credit Claims

In a recent appeal to the Tax Court of Canada (TCC), Emily Sowah argued that the Minister of National Revenue (the Minister) was incorrect in disallowing her charitable tax credit for purported cumulative gifts of $10,252 in the 2006 taxation year.

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What is the consequence of debt forgiveness?

If you have a commercial debt obligation—a debt on which interest would have been deductible in computing income from a business or property—and that loan is forgiven, you’ll have a tax consequence.

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Clarifying Rules on Qualifying Amalgamations

The Supreme Court of Canada (SCC) recently released its decision in Envision Credit Union v. Canada, a case concerning an amalgamation of two credit unions in British Columbia.

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Reporting Earned Interest

Interest income is common to most investors. It can often accrue on a compounding basis (that is, interest is reinvested rather than paid out to the investor during the term of the contract).

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Audit Defence: Will Fishing Expeditions Increase?

Under Section 231.1 of the Act, an authorized person may, at any reasonable time, for any purpose related to the administration or enforcement of the Act, enter into a taxpayer’s premises, inspect and examine property, and require the assistance of the taxpayer to answer all reasonable questions in relation to the enforcement of the Act.

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