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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:

January Poll

Given the financial stress people are under during the second wave, should governments suspend audit activities and waive penalties and interest in 2021?
Yes: 236 votes
73.98%
No: 83 votes
26.02%
 

Cast Your Vote

New to Canada? You’ll Need to File a T1 Return in 2020

There are special tax filing rules for people who immigrate to Canada.  They are required to file a Canadian tax return to report their world income during the period in which they were resident in Canada.  They also have to account for the valuation of their assets.  Tax advisors can be of great help in discussing the filing requirements before year end.

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Accountability Check: Is it Easier to Access Info from CRA?

In response to a scathing report from the Parliamentary Budget Officer back in 2017, CRA initially promised to improve its service standards by 2020. CRA has made small steps in the right direction with an upgraded phone system for the business inquiries line.  Do you find that call requests are being resolved more quickly and accurately?

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2020:  A Year to Give More

According to Statistics Canada, based on the 2018 tax year, taxpayers who donate to charity are giving more, marking a second year of growth in giving by these generous Canadians.  What’s more, charitable donations rose the most in Saskatchewan – a whopping 17.1% over the year before.  It was therefore very appropriate to hear from a prominent financial advisor from this generous province at this week’s CE Summit, to explain some of the reasons why.

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Big Opportunities for Tax & Bookkeeping Professionals

Things have also gotten a lot more complex since taxes were first introduced in 1917.  Back then the tax return was six pages long and contained 23 lines. By contrast, the 2019 federal T1 featured an expanded 8-page return, 11 schedules and hundreds of lines. This complexity and digitization been a boon for tax accounting and bookkeeping services, which have grown exponentially, too.  Entry into these high demand and highly rewarding professions makes good sense, an dnew statistics about the size of the market confirm this good news.

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Helping Small Business with Healthy Births

Professionals in the tax, bookkeeping and accounting industries can add big value to stimulate healthy new births in a new economy. Based on newly released statistics on November 10, professionals could be more proactive in improving survival rates…but how? One way is to formalize business planning, budgeting and forecasting service offerings.

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