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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:

May Poll

In your opinion, have governments effectively interpreted the financial effect of the pandemic on small businesses across Canada?
No: 1241 votes
96.5%
Yes: 45 votes
3.5%
 

Cast Your Vote

March Poll:  Tax Professionals Unimpressed by CRA Improved Phone Service

If March 2020 roared in and out like a lion, so did tax pros’ views on CRA’s attempt to improve phone services so far this turbulent tax season. Clearly there is much more to be done as a full 70% of respondents said “no” when we asked:  “This tax season CRA is providing online tools to estimate telephone answering and return processing wait times. Do you think this is a service improvement?”    Here are some of their comments:

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EI Eligible or Not: The New Canada Emergency Response Benefit

With every passing week Canadians are facing enormous changes due to the pandemic and governments are quickly addressing this with new measures to cope with the economic hardships occurring. This week’s revised Canada Emergency Response Benefit (CERB) responds to criticism that the first attempt left too many people out and increases the $900 bi-weekly payment proposed to $2000 monthly for up to four months. Here are the details. 

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Pandemic Relief: Provincial Support

The province of Ontario postponed its formal multi-year budget forecast to November 15 yesterday, choosing instead to use the earlier-announced budget date of March 25 to table a COVID-19 fiscal action plan. The details are comprehensive, as is our round-up of provincial measures for businesses so far. There are some generous and genuinely interesting provisions. Take a look:

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Payroll Remittance Relief: Federal Wage Subsidy Now Available

The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions they’re required to remit to the CRA. It was introduced as part of the government’s pandemic support for businesses. It is already in effect, and we’re sharing the details on how this works.

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New! 2020 Advanced Professional Tax Filing Course

This new online tax training program is the right one for unusual times in the tax and financial services. Not only does it address the myriad of changes on the 2019 tax return, it also provides an important professional program during an unprecedented health crisis. It is an important training solution for four specific needs:

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