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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:

March 2023 Poll

The average refund for the first filing month, February, 2023 was $2,295. Should CRA cut back on withholding tax requirements?
Yes: 40 votes
No: 66 votes

Cast Your Vote

20th Anniversary Contests – Get Involved!

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! 

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Tax Tip: Deductions for Commissioned Salespeople

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.

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Tax Debt? Best to Pay Up Before April 1

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

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Tax Exempt: Inflation Supports Cause Confusion

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. 

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The Future of Tax Preparation:  An Endless, Essential Service

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! 

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