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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 2024 Poll

With the June 17 proprietorship filing deadline approaching, do you believe advice about incorporation will change in light of the June 25 capital gains inclusion rates changes?
Yes: 26 votes
No: 37 votes

Cast Your Vote

Take the Next Step: Deliver the Confident Advice Your Clients Need as an RWM

Are you ready to take the next step and help your clients experience financial peace of mind  while recent budget announcements, inflation and more are weighing heavily on Canadian taxpayers. Delivering confident advice has never been more important! Take advantage of an exclusive Program Offer and save $500 on Real Wealth Management™ Program tuition until May 31. Experience the education first by taking a risk-free Orientation, which includes a recording of a live RWM™ round table discussion.

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Capital Gains Hikes: Tax Complexity Scale Increases

One of the topics of conversation in the May 22 CE Savvy Summit for tax and financial advisors will be the new complexity the capital gains inclusion rate increases will bring to the Income Tax Act.  Although the draft legislation to bring the current 50% rate up to 66 2/3% is still missing in action despite a looming June 25 date on the horizon, the changes will require a look back to the 1980’s to calculate gains properly and looking forward, potentially 6 different capital gains exemptions.

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Cottage Succession Planning: Tax & Family Considerations

Cottage ownership is a long-held Canadian dream.  Due to shifting demographics over the next decade, many cottages are set to become family battlegrounds—as ownership of vacation properties along with other family assets will be transferred from aging parents to their children.  Beyond the significant financial implications that will be triggered by this asset transfer, often the emotional aspects can be even more difficult to contend with.  Cottage succession planning is an important exercise that clients should undertake well in advance of their deaths to avoid family issues and tax implications. 

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Mark Your Calendar: May-June Tax & Investment Planning Milestones

By May 6, the CRA received 28.5 million returns with over 94% of them submitted by electronic methods. For those Canadians receiving a refund, the average amount is $2,165, another annual increase over last year which came in at $2,053 for 2022. Train now and help tax filers pay the correct amount of tax and no more both for their 2023 tax returns, which can be adjusted for errors and omissions, and in planning for their 2024 tax liabilities. Mark your calendar for these upcoming tax, investment and financial milestones, which include new dates from the Federal Budget, like the June 25 Capital Gains inclusion rate increase. Get all the details below!

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Estate Planning – What Now?

Well, if we could all arrange to pass away before June 25th that would be very tax efficient!  But that’s neither advisable nor desirable so we have to think about the post-budget estate planning realities.  Does it make sense to set up testamentary trust anymore?  Death is a large deemed disposition.  Should we consider realizing some gains along the way?  What has happened to the ability to make charitable donations on death? And what to do about the cottage? Find out more when you join us at the May 22 CE Summit.

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