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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:

June 2024 Poll

With the June 17 proprietorship filing deadline approaching, do you believe advice about incorporation will change in light of the June 25 capital gains inclusion rates changes?
Yes: 16 votes
No: 28 votes

Cast Your Vote

The Secret Ingredient in Retirement Income Planning

Successful retirements, from a financial point of view, are about three phases of planning:  pre-retirement, in-retirement and after-retirement. While a regular process for saving, investment performance metrics and deaccumulation methods are all very important, retirement income planning is really about one strategic goal:  what matters is what you keep.

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Intro to RWM™: May 7 at Noon CST | Calm Fears in Light of the April 16 Federal Budget

It is so important for tax and financial advisors to help distill fears and knee-jerk reactions in light of the April 16 Federal Budget.  Join members of the Society of Real Wealth Managers on May 7 at Noon CT for a frank discussion and open forum online, about the need for tax literacy and a multi-stakeholder approach to intergenerational wealth management that pushes back on the fear factor.

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Income Tax Courses: Add High Value to Your Services

The April 16 Federal Budget proved once more that one of the most important skills people working in the financial services can offer is a deepened knowledge of personal, corporate and trust filing requirements. This is an essential financial service to help households navigate the increasingly broad – and expensive - reach of the CRA, especially for investors and business owners.  Knowledge Bureau’s suite of newly updated certificate tax, bookkeeping and retirement planning courses are now available online, together with a special offer.  Course benefits and descriptions follow:

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Tax Credit Watch: Should They Stay Or Should They Go?

Governments are long on promises but short of money these days, as deficits grow both provincially and federally.  Will prior tax preferences be maintained in the next federal budget, or will they be clawed back?  Here are some provisions worth watching:

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How to Justify Interest Deductibility in a Tax Audit

CRA may be taking a closer look at interest deductibility costs now that interest rates are higher and that line item on the tax return contains bigger numbers.  Tax deductible interest paid on money borrowed to earn investment or business income  must be justified with back up documentation that includes the demonstration of use of the funds, which is always more complicated with a line of credit, for example, has mixed personal and business/investment uses.  Here is what you need to know: 

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