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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.
December 2024 Poll
Should the $250 Working Canadian Rebate be passed into law to provide tax relief to individuals with working net income under $150,000, who also contribute to the CPP?
Today’s Interest Rate Cut is Good News!
Canada’s inflation target is now back to 2%, resulting in a half a point cut to the Bank of Canada’s benchmark rate t to 3.7% from 4.25% this week. That’s good news for those managing or acquiring debt, and for spouses wishing to do some investment income splitting in the new year. This is especially important now that each individual has a $250,000 threshold for claiming capital gains at a 50% inclusion rate. Here’s how it works:
December 2nd Internet Maintenance Shut Down
Do you prepare and file information slips for clients? If so, make sure to include an early December 2nd closure of electronic services in your scheduling. Slips that are filed late or using the incorrect method will result in financial penalties to your business. The hard stop will be December 1st and services will not reopen until January 13th, 2025. In addition to the earlier shut down, information returns filed after January 1, 2024, containing five or more slips must be filed electronically.
Missed the Canada Carbon Rebate – File a Tax Return
October 15 was the date that eligible Canadians receive the Canada Carbon Rebate (CCR). Did you miss it? There may be several reasons for this: you didn’t meet age or residency requirements, you don’t live in an eligible province or you missed filing a tax return. Here’s how to make sure you get what you are entitled to set up for the next payment in January:
Details for New Insured Mortgages for Secondary Suite Builds
This month the Finance Department announced changes for lenders and insurers to make mortgages available for those who want to build secondary suites on their properties. This provides a good reason to discuss year end tax planning relating to real estate assets, as the loans will be available on January 15, 2025. Here’s what borrowers need to know:
Acuity 2024 – Welcoming New Partner AGA Benefit Solutions
With only a couple of weeks left to go until the 2024 Acuity Conference for Distinguished Advisors at the St. James Club in Montreal, November 10 – 12 Knowledge Bureau would like to recognize the contributions our partner organizations bringing their thought leadership to Montreal. We are pleased to be welcoming back AGA Benefit Solutions as a Bronze sponsor and invite you visit their booth in the exhibitor area.
