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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 opinion, is the new two-tiered Canada Emergency Wage Supplement (CEWS) too complex?
Yes: 51 votes
79.69%
No: 13 votes
20.31%
 

Cast Your Vote

Tax Filing Deadline Now September 1?

Who needs to file a 2019 T1 return and when? It’s a question Canadians and their advisors continue to struggle with, as filing deadlines become an ever-moving target. Last Friday (May 22), CRA changed their website to announce they will not charge a late filing penalty as long as the extended June 1 filing deadline is met by September 1. So why file now? Here are some key reasons:

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6 FAQs About the CEWS & CERB

Navigating the complex detail of the emergency pandemic response benefits has been a complex process for businesses and individuals alike. We’re here to clear up some of the frequently asked questions about the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Response Benefit (CERB) and help you sort through sort through the chaotic myriad of the benefits and their tax-audit pitfalls.

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File by June 1:  Get More Federal Benefits

Today is the day that Canadians who qualify should have received their OAS and CPP government benefits and the next payment is June 26.  But a new tax-free benefit of $300 will also arrive soon.

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More Relief: Prescribed Interest Rates Decrease July 1

There’s more financial relief ahead for Canadians, as prescribed interest rates are set to decrease on July 1. That means shareholder loans, inter-spousal investment loans and other taxable benefits likely should be planned for Q3. 

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Lend a Hand: Take the Emergency Pandemic Benefits Response Course

If you are looking for that next professional development course that will help you provide high-value advice to your financially stressed clients, take the Pandemic Benefits Response Course online to sort through the chaotic myriad of benefits and all their pitfalls. Every professional in the tax, bookkeeping or financial services must know how to do that. Enrol by May 31 save $100.

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