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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:

September 2023 Poll

CRA departmental report shows about 93% of Canadians willingly participate in their tax system. In your opinion do Canadians have trust in their tax department?
Yes: 24 votes
No: 109 votes

Cast Your Vote

Tax Audit Ready? Take 5 New Questionnaires

CRA is enhancing the questions they will ask when it comes time for a tax audit. In July, the department released 5 forms that require detailed information.  These will be covered in more detail in the September 20 CE Summit; however, here is an overview of what’s in each form.  Tax and accounting services specialists will want to add these forms to their interview checklists with every client who fits the profile for these requests:

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In Crisis? Average Retirement Age Grows for Some

A report updated on July 31 from Statistics Canada provides new data on who is retiring in Canada and when.  Is there in fact a retirement planning crisis in Canada?   Who is experiencing it?  You might be surprised at these new facts.  You may also want to weigh in on your observations on August 16 at noon when we present a national Meeting of the Minds with the Society of RWMs™.  Check out the stats and the pointed questions we will be asking our participants to weigh in on August.  Your opinion matters. Please join us.

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Distinguished Advisors and Speakers Headline the 20th Anniversary Distinguished Advisor Conference

Evelyn Jacks, President of Knowledge Bureau, is delighted to announce the headliners who will grace the prestigious stage at the Distinguished Advisor Conference (DAC), November 12 to 14 at the spectacular Banff Springs Hotel.  This includes the outstanding MCs - two New Advisor of the Year Award winners – and a powerhouse of tax, investment, insurance, retirement and estate luminaries over the two day event.

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CE Summits September: What Matters is What You Keep

What matters is what you keep.  There is no doubt your clients are interested in knowing how to inflation-proof and recession-proof their wealth and navigate successfully through emerging risks from the CRA.  To accomplish the former, advisors must have broader knowledge in tax on upcoming tax changes and how astute investment planning in a very new economic environment can help clients maximize after-tax income and reduce capital erosion.  This year, real estate tax changes are in focus. 

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FHSA – New Tax Forms Available

There are very specific rules for opening, withdrawing from and closing a  First Home Savings Accounts (FHSA), the newest registered savings plan in Canada.  It’s very advantageous to qualifying savers, as it provides a tax deduction, tax free growth of savings and a tax free withdrawal when a qualifying home is acquired.  But it’s best to seek the help of a qualified tax services specialist and RWM™ on the financial services side, to complete the transactions.  Those advisors must know about a couple of new forms just released for qualifying withdrawals and transfers. 

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