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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:

March 2023 Poll

The average refund for the first filing month, February, 2023 was $2,295. Should CRA cut back on withholding tax requirements?
Yes: 39 votes
No: 66 votes

Cast Your Vote

A New Way to Grow Your Accounting Practice

Vexxit’s online platform brings clients to you. The way we do business has changed these last few years. Remote and hybrid have become the new norm, with professionals trading boardrooms for virtual meetings and networking events for social media introductions. Vexxit has taken this new way of doing business and amplified it, giving accountants a digital platform to offer their services and access customers who need them.

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Newcomers: Tax Filing For You Is Complex

International tax law is very complex and border-hopping can be expensive from a tax point of view.  Newcomers to Canada and immigrants especially need to pay attention, but so do those residents with offshore assets. Be sure you are working with a Tax Services Specialist™ who has graduated from Knowledge Bureau’s Cross Border Taxation Course.

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Advisors See Opportunity with High-Net-Worth Clients Looking to Protect their Wealth

It’s tricky to find silver linings in 2023, as the cost of everything is rising, with the Consumer Price Index (CPI) sitting at 6.3%. Food, fuel and general goods are increasing in price, and unfortunately so is the cost of running a business. However, some businesses are finding that they are thriving in the current environment. For example, some advisors are finding that their businesses are still growing, thanks in large part to high-net-worth clients seeking better service.

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Underused Housing Tax Form Released

Canada has a new tax form due on April 30 and it comes with expensive penalties.  Canada Revenue Agency has just released new form UHT-2900 Underused Housing Tax Return and Election Form to be used by non-resident owners of residential property in Canada.  The new underused housing tax is 1% of the value of any vacant or underuse residential property owned by a non-resident individual or corporation.

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Tax Literacy Tip:  What’s Earned Income for RRSP Purposes?

What matters is what you keep – after taxes!  That’s critical in the current high inflation, high interest rate environment.  It helps to take a hard look at how well you are using your “tax efficiency potential,” starting with maximizing your RRSP contribution by March 1.  That will help you get a bigger tax refund and more tax benefits when you file your T1. As important, are you making just enough of the qualifying earned income to maximize RRSP advantages in the 2023 tax year? Here’s how to do it, well in advance:

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