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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 new government’s 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? What are alternatives in your view?
Bare Trust Compliance Threat Not Over
Although, in general, bare trust filings received a CRA reprieve for the April 2, 2024 tax filing deadline, other obligations remain and will carry non-compliance penalties. Specifically, CRA has stated that the T3 Return and Schedule 15 (Beneficial Ownership Information of a Trust) will not be required for the 2023 tax year unless the CRA makes a direct request for them.
The Increasing Reliance on Public Pensions: Things Have Changed
Things have changed for Canadians in their pre-retirement planning period. High interest, inflation and consumer debt are eroding away “savings room” for private savings, and longevity risk is increasing. As a result, preserving access to indexed public pensions – the CPP and the OAS - is now more important than ever in retirement income planning. Doing so is complex. That’s why, well informed tax and financial advisors can add significant value.
Financial Literacy: Why the Federal Budget Does it a Disservice
The April 16 federal budget proposed capital gains taxes that penalize those who have used their knowledge, skills and resources to make responsible financial decisions and has widely promoted tax and financial concepts that are not quite on the mark. That introduces the potential for three unfortunate outcomes: uncertainty that stifles investment and initiative, increased financial illiteracy and worse, potential injustices when tax changes are politicized to pit one generation against another. Fortunately, tax and financial advisors can help to restore shaken confidence in their important roles as educators and intermediaries. Here are the issues to consider:
The Secret Ingredient in Retirement Income Planning
Successful retirements, from a financial point of view, are about three phases of planning: pre-retirement, in-retirement and after-retirement. While a regular process for saving, investment performance metrics and deaccumulation methods are all very important, retirement income planning is really about one strategic goal: what matters is what you keep.
Intro to RWM™: May 7 at Noon CST | Calm Fears in Light of the April 16 Federal Budget
It is so important for tax and financial advisors to help distill fears and knee-jerk reactions in light of the April 16 Federal Budget. Join members of the Society of Real Wealth Managers on May 7 at Noon CT for a frank discussion and open forum online, about the need for tax literacy and a multi-stakeholder approach to intergenerational wealth management that pushes back on the fear factor.
