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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?
Does everyone have the same tax filing due date?
No, in fact, the Tax Filing Due Date can vary.
File by April 30
Even though proprietors and their spouses have until June 15 to file their returns before late filing penalties kick in, it makes sense to file by midnight April 30 with all other taxfilers to avoid interest charges if you have a balance due.
How the “hallmarks” apply to proposed anti-avoidance rules
Proposed changes to the Income Tax Act will oblige taxpayers to report “avoidance transactions” if the transactions include two of three existing “hallmarks.”
First-quarter interest rates
The prescribed annual interest rate that will apply to any amounts owed to the Canada Revenue Agency (CRA) is 5% for the first quarter of 2013, unchanged from the previous quarter.
Claim tax credits in year paid
Claims for the Children’s Arts and Children’s Fitness tax credits are based on when the payment is made, not the year in which the activities are scheduled.
