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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?
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 When proceeds are taken from these accounts, the full amount withdrawn is reported on the RRSP/RRIF holder’s tax return as income.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:
CRA Extends Relief for Bare Trust Returns as Filing Deadline Looms
Only three weeks before the April 2, 2024 Trust Return filing deadline, the CRA released updated guidance indicated that gross negligence penalties will not apply for 2023 in most cases if taxpayers fail to file on time, except in the “most egregorious cases”. It’s good news that the government has decided to ease the penalty provisions for people who don’t file by April 2 as they try to decipher these new rules. When does a bare trust exist, and when do the rules apply? Here are some examples, based on a question submitted by one of our KBR readers and students, Connie Zhu.
Mark Your Calendar: May 22 CE Summit!
The topic of discussion is Retirement, Trust and Estate planning chocked full of critical information you need to know as you work with clients to maximize their wealth potential. You’ll be treated to an in-depth analysis of the April 16 Federal Budget, a Trust boot camp, and a great discussion on retirement and cottage succession planning. You don’t even have to leave your office! Here’s why Connie, Zhu, DMA enjoys the Virtual CE Summits so much:
Become a Distinguished Master Advisor with the Skills to Develop Tax-Efficient Solutions for Retirement!
Do you have the skills to provide the process and structure your clients will need to effectively plan for their retirement? Differentiate yourself, attract new clients and increase profits by providing a high value service as a trusted advisor to your clients as a DMA™- Retirement Income Services Specialist. Learn more risk-free by taking a free DMA™ Program Orientation!
