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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.
August 2025 Poll
A public consultation on whether the CDIC’s deposit insurance limit should be raised to $150,000 per deposit category is underway. Do you agree?
Tax Accountants Rejoice! T2 Micro Business Course Fully Updated
Do you know how to prepare a T2 corporate return for your small business clients? Has it always been your professional development dream to get the credentials to do so?
More Seniors Than Babies: Eight Drivers Towards a New Tax Strategy
It’s an important cross-over: for the first time, Canada’s 65-year-olds have outnumbered children ages 0 to 14.
FATCA is Here for Good
The first transfer of Canadian banking information to the Internal Revenue Service was completed September 30, as reported last week. That was the result of a September 16 appeal in which The Honourable Mr. Justice Martineau of the Canadian Federal Court in Vancouver ruled that the U.S. Foreign Account Tax Compliance Act (FATCA) legislation is both legal under Canadian law and not inconsistent with the U.S./Canada Tax Treaty.
Family Dynamics Aside, Income Was Reportable
An argument that is mathematically possible will not avail a taxpayer who is found by the Court not to be credible. That was the unfortunate result for a taxpayer who took on CRA in a case of unreported income.
Six Reasons Why: TFSA a Powerful Wealth Builder for Millennials
Last week we discussed reasons why an increased TFSA contribution limit is very helpful in building wealth for seniors. But the TFSA is an even more powerful tool for millennials, who should maximize their contribution room to build a tax-free retirement surplus that is potentially increased by the longer compounding time afforded to the young.
