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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 Liberal 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?
Charitable Donation Schemes and Proposed Legislation
Edwards v. The Queen. A recent decision from the Federal Court of Appeal, Edwards v. The Queen (2012 FCA 330), contains interesting dicta regarding the Canada Revenue Agency’s (CRA) administration of proposed legislation in the last decade or so, with the presiding Justice JA John M. Evans declaring it “fundamentally unfair.”
Combined Family Net Income is Required
You can have zero income and pay zero taxes but still receive refundable tax credits in Canada—simply by filing a tax return. But because many of these credits are based on “family” rather than “individual” net income, you and your spouse need to file tax returns together.
Quell Uncertainty with an Advance Ruling
Advance income tax rulings can be a useful tool in business and personal wealth planning because they provide certainty and confidence.
What Happens to Joint Subscribers When an RESP is Terminated?
What happens with accumulated income payments from a Registered Education Saving Plan (RESP) when the plan is a joint plan?
Reduced Net Income Pays Off in Spades
Keep an eye on net income, Line 236 of your T1 return. It’s one of the most important lines because of its impact on the size of your refundable and non-refundable tax credits.
