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Financial Issues & Answers for Everyone
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.
May 2025 Poll
Does the new government’s promise, expected soon, to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs? What are alternatives in your view?
Complexity: The Drivers for New Tax & Financial Professionals
If you need answers to complex questions your high net worth families are asking about their income and capital after personal, corporate, trust and cross-border taxation, or when new triggers are driving financial decisions your clients want to make, working with a Real Wealth Manager (RWM™) can help you answer and execute on them. This is particularly so in today’s complex world when financial peace of mind – and answers to tough questions – both are more difficult to come by.
KBR Special Bulletin: UHT Deadline Extended
No, this isn’t fake news or a late day Halloween trick: the CRA announced just before 2 p.m. on October 31 that they are indeed extending the deadline for the filing of the UHT-2900 return. This return was due at midnight on October 31 to report residential property ownership for the 2022 calendar year. The new deadline is April 30, 2024. No interest or penalties will be levied in the meantime. The Underused Housing Tax (UHT) is a controversial new tax in Canada because it is much more broad-based than first announced. This and more year end tax planning news will be covered in tomorrow’s Virtual CE Summit from Knowledge Bureau, available in a recorded online version after the event.
Year-End Planning: News for Disabled Persons
There are 6.2 million persons with disabilities in Canada, 23% of whom live in poverty. Soon there will be tax-assisted relief, but unfortunately not for at least a year. The Canada Disability Benefit (CDB) was passed into law under Bill C-22, June 22, 2023 to help. The payments are expected to start in December 2024 and delivered through the tax system. In the meantime, people living with disabilities and their caregivers can inform themselves of existing tax support for the 2023 tax year and the time to get ready is now. Here’s what you need to know:
GAAR: Taxpayer Wins Against CRA
In a recent Tax Court of Canada Case a taxpayer won and important appeal when the Canada Revenue Agency (CRA) invoked the General Anti Avoidance Rule (GAAR) on October 17, 2021. Here’s what happened:
The RDSP: December 31 Deadline Extended
The RDSP (Registered Disability Savings Plan) is an excellent savings vehicle to build future pension assets for disabled people, all with generous government matching support. An important deadline was approaching on December 31, 2023 regarding the status of Qualifying Family Members (QFMs). Thanks to the March 2023 budget, however, this has now been extended. Here are the details.
