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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?
Investors who Make a Social Impact
Some might think this is too good to be true: the realized capital gain on some financial assets is not subject to regular income tax if the security is transferred to a charity. That’s right, the gain is avoided entirely. . .almost. Here is what you need to know to make a social impact throughout the tax year, and reap impressive tax benefits too.
Business Closures: More after March 28?
The final repayment deadline for outstanding CEBA loans is today, March 28. This is the last opportunity to preserve any of the up to $20,000 in loan forgiveness. Those business owners who failed to arrange financing for repayment must pay up the entire loan plus interest. Will that push more businesses to close? If so, it would add to the over 2200 business which closed their doors in December of 2023, for a total of 8 months of active business closures in 2023, according to Statistics Canada. Check out the provincial trends:
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.
