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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:

August Poll

In your view, have recent federal tax changes contributed to economic resilience and powerful competition in Canada?
Yes: 26 votes
12.81%
No: 177 votes
87.19%
 

Cast Your Vote

Summer School: New EZ-Pay Options Make Online Studies a Breeze

Summertime is a great time to invest in your professional development, and Knowledge Bureau’s new Ez-Pay installment options make it easier than ever to get started.

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The Tax Gap: It’s Complex

The fifth report on the tax gap – the difference between taxes payable if all taxpayer obligations were fully met and what was actually paid and collected – was released this week by CRA for the 2014 year. Focused on corporate tax filers, large and small, a shortfall has been estimated at between $9.4 billion and $11.4 billion, but a closer look at the report finds most individual and corporate taxpayers try their best to comply with Canada’s complicated tax system.

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Tax Freedom Day - June 14, 2019

This year, Tax Freedom Day for Canadians fell on June 14, 2019; one day earlier than last year, but almost two months after the US reached the same milestone. The Fraser Institute calculated Canada’s 2019 Tax Freedom Day based on a household income of $117,731 with a 44.7% total tax bill.* This means that the average Canadian works 163 days each year to pay $52,675 in taxes, before they start making disposable income for themselves.

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Affordable Homes and the New CMHC Rules

The 2019 Federal Budget introduced two changes aimed at making it easier for first-time home buyers to purchase a home in Canada. This is important due to the new mortgage stress test, and also raises other important questions should housing prices drop.

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Keep Above Board with Real Estate Investments

The CRA recently released a notice that warns Canadians to be on the lookout for real estate investment schemes that promise a significant tax write-off—more than double what you invest. But the old adage rings true: if it sounds too good to be true, it probably is. If you have a client approach you about a great real estate investment, here’s what you need to know to provide them with sound, financial advice:

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