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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

Household Debt Now 165% of Disposable Income

Household debt in relation to disposable income rose to another record last quarter, and many are now wondering whether Mark Carney, Governor of the Bank of Canada, was correct to assert that families are listening to his warnings about the risks of borrowing too much.

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Prescribed Interest Rates Remain Unchanged in Second Quarter

The CRA recently announced that the prescribed interest rates for the period April 1 to June 30, 2013 will remain unchanged from the previous quarter.

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When Should Young People Learn Financial Literacy?

An interview with Evelyn Jacks, President, Knowledge Bureau, by Robert Martellacci, M.A. EdTech, President & Publisher, Mindshare Learning

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Tax Audit Alert: Failure to Report Income Expensive

A business owner in Prince George, BC, Kewal Singh Raju (Raju), and his business, Raju Homes Ltd., plead guilty and were sentenced with hefty fines and jail time for income tax evasion. Raju was fined $113,164 and handed an 18 month Conditional Sentence Order. Raju Homes Ltd. was fined $74,366. The fines represent 75 percent of the taxes evaded.

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Employed or Self-Employed?

Roller Hire v The Queen (2013). A common battle in the Tax Court of Canada is one between the designation of employee or independent contractor. The case of Roller Hire is a recent example, and Judge Hogan made some interesting comments for the Court.

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