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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:

October Poll

Are government plans to introduce automatic free tax filing for the 12% of adults who don’t file tax returns to get benefits a good idea?
Yes: 196 votes
No: 301 votes

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US Citizens in Canada Receive Tax Free COVID Payment

U.S. tax filers, including American Citizens living in Canada, will have received Economic Income Payments (EIP) based on income levels reported on their 2018 and 2019 tax returns filed in the U.S. Now CRA has confirmed in a technical bulletin issued August 31 that there is more good news:  the payments will not be taxable to residents in Canada.

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CSA Announces Ban on Trailing Commissions for OEO Dealers

According to a news release from the Canadian Securities Administrators (CSA), final rules were adopted to ban the payment of trailing commissions by fund organizations, such as order-execution only (OEO) dealers who don’t make investment suitability determinations.

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How Can You Help Canadians Recover from Financial Fallout?

The true financial test on how well Canadians will weather the financial storm brought on by the pandemic will occur in the months to come. A glimpse into that future is well described in a June 2020 report from the Bank of Canada. It suggests three catalysts, working together, that can lead to successful financial recovery:  

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Year-End Tax Tip: Time to Buy a New Car?

Should you buy a new car before year end to reduce your 2020 taxes?  It’s a good question especially because lucrative new tax rules were put into place for the write-off of most capital assets* on November 21, 2018.  Taxpayers can in fact, triple up on the usual first-year tax deductions when they acquire assets in the period between November 20, 2018, and December 31, 2023, and put them into use before 2028.  

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New T4 Slip Reporting Requirements

We now have a better idea about the audit techniques CRA will have at their fingertips to ensure the Canada Emergency Response Benefits (CERB) received by laid off or furloughed employees, The Canada Emergency Student Benefit (CESB) and the Canada Emergency Wage Subsidies (CEWS) received by employers are validated. The numbers will appear on a new T4 slip, which is likely to cause a few headaches for small employers and create some new opportunities for bookkeepers and tax accountants. Here are the details:

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