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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?
A Bootcamp for More Confident Trust Filings & Retirement Planning
This tax season will be remembered as a challenging one for most tax accountants and financial advisors who work with Canadians who have long tried to protect their savings and their heirs from financial ruin in retirement. There are two reasons: CRA’s new filing requirements for bare trusts and the significant cost factors retirees now face due to inflation, taxes and professional fees to keep it all straight. That makes it a great time for a bootcamp.
Cycle 10 CIRO Credits Now Available!
Cycle 10 CIRO (previously IIROC) credits now available from Knowledge Bureau! Become a Designated Specialist: take the Real Wealth Management™ Program), the MFA-P™ Philanthropy Services Specialist Program to earn CE Credits and enhance your value proposition. Check out the details below.
Tax Complexity Comes With Last Chance For CEBA Loan Forgiveness
March 28 marks the last day CEBA loan recipients who have submitted a refinancing loan application on or before January 18, 2024 can qualify for up to $20,000 of loan forgiveness. The outstanding principal of the CEBA loan must be repaid on or before March 28, 2024. Otherwise, unpaid loans remaining become non-amortizing term loans with full repayment due December 31, 2026. But there is still at least one bright spot for those loan holders, but it comes with tax complexity.
A Triple Win for Seniors - Gifts from RRSP/RRIFs
RRSP and RRIF are retirement savings plans where investments grow on a tax-deferred basis. When proceeds are taken from these accounts, the full amount withdrawn is reported on the RRSP/RRIF holder’s tax return as income. Can charitable giving reduce the tax sting? Is that a smart strategy given the detailed tax rules that can leave a tax gap? Can planning now help keep assets invested as markets show signs of recovery? Yes, but you need to do a little extra tax legwork.
Common Medical Expenses You Can’t Claim
Everyone is likely to have some out-of-pocket medical expenses during the year but many people don’t know that they can claim them. Common examples are batteries for hearing aids, certain travel costs incurred to seek medical attention not available in your community or contact lenses for example. But there’s also a long list of expenses that can’t be claimed. Can you name any of them? The CRA offers a great list:
