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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:

June Poll

The CRA recently signed a secret settlement with wealthy KPMG clients involved in an offshore tax scheme.  Do you agree with this?
Yes: 20 votes
4.87%
No: 391 votes
95.13%
 

Cast Your Vote

Resounding Success: Inaugural Vantage Series Event

Together with our partner, The Investment Industry Association of Canada (IIAC), Knowledge Bureau is very pleased to report that our inaugural Vantage Series Event, held on May 9th at the National Club in Toronto, was a resounding success. Read on to find out why, and mark your calendars for the next Vantage event on October 31.

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Graduates in the News – Paula Baker, DFA-Tax Service Specialist™

Paula Baker has been working in the tax service industry since 2005. In 2010, she opened her own Liberty Tax franchise, and later pursued her DFA-Tax Services Specialist™ designation with Knowledge Bureau, after selling her franchise to work from home. Even with a wealth of experience she chose to enhance her education, because: “When I first entered the world of taxes I quickly realized that knowledge was important. Taxes are complicated, and Knowledge Bureau allowed me to expand my knowledge which, in turn, allowed me to support and guide my clients in the right direction.  I worked through the courses and now have my designation.”

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A Disconnect? CRA Consultation Launches at the Height of Tax Season

On April 23rd, the height of the rush to the April 30 filing deadline, the CRA launched an online public consultation, requesting feedback on service improvements.  Worse, the feedback period closes on June 18 and that’s only one day after the June 17 proprietorship filing deadline. It would appear to be unfortunate timing considering professionals file 58% of all returns.

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A Million T1s Filed After April 30 and More to Come

According to the CRA’s 2018 tax season filing statistics released this week, just over a million returns were filed in the week after April 30, with a total of 26,210,167 received so far this season. But, considering CRA accepted nearly 30 million returns during the 2017 tax season, there’s no time for tax pros to put up their feet just yet.

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It’s Officially Tax Audit Season: Know Your Taxpayer Rights

Possibly even more dreaded than the tax filing season is the tax audit season! But, when you know your taxpayer rights and have confidence that your records are audit-proof, you are empowered to face any audit knowing you’ve done your due-diligence. Working with an experienced tax specialist is a good defence, too.

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