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.
It’s been a fantastic two months here at Knowledge Bureau celebrating the big 2-0...our 20th anniversary! With so much on the horizon this year you will want to get involved!
Did you know that employed commissioned salespeople can write off more tax deductions than other employees? In fact, expense deductibility differs only slightly from that of the self employed. Yet, to get past a tax auditor, there are special nuances: employers must be prepared to verify unreimbursed, out-of-pocket costs were required and there are some specific restrictions. Details follow.
Last year, those who owed the CRA owed a lot – over $7,000. Soon, the prescribed interest rates charged by CRA are going up and that could really increase the cost of carrying debt. Tax debtors can save more money by paying up before April 1. Here’s why
Is it reportable or not? Many taxpayers are confused about the various government support programs they have been entitled to in 2022 and 2023. As a general rule, if a support payment is taxable, there will be a T4A or T4E showing the amount to be reported as income. But if any of the amounts itemized below - inflation support measures – were received, they won’t be reportable.
It’s true: nothing is as certain as death, taxes and tax change! That’s perhaps why almost 60% of Canadians get someone else to do their tax return, according the CRA. Do you know what this sounds like to us? OPPORTUNITY!