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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.
December Poll
As the decade closes, do you feel the evolution of our tax system has been positive?
Protecting Lifestyles: Inflation Matters
Most people need to generate the future income they require to sustain their lifestyle by saving money. Saving sooner in life is better. So is saving in tax-exempt or tax-deferred vehicles. But as wealth accumulates, preservation of value becomes an increasing concern. Two key eroders are taxes and professional fees. Also important is the cost of inflation, even at today’s relatively low rates. Here is why:
The Election Tax Promises are Adding Up
Knowledge Bureau’s elections promises chart– from a tax and financial point of view – has proven to be popular and with less than one week to go, we’ve added information on the costs associated with some of the promises made. The Office of the Parliamentary Budget Officer’s (PBO) estimates of the platform promises themselves are enlightening; as are those presented with the highly-anticipated release of the Conservatives costed platform.
Despite Gap in Charitable Conversations, Donations are Up
According to Statistics Canada*, total donations on income tax returns increased over 150% in real terms over the past 3 decades. However, despite an increase, only 13% of Canadians reported discussing charitable giving with their advisors, and they would like to have more value-based discussions. Here’s how you can have a more fulsome conversation on charitable giving with your clients:
Paying Fees for RRSP/TFSA Accounts From Non-Registered Accounts
Back in December 2016, the CRA announced that it considered the payment of fees for registered accounts from non-registered accounts as an “advantage” and would tax accordingly, starting in 2018. They have now changed their minds.
How Accountants and Bookkeepers Can Help Small Business Owners Reclaim their Sundays
Small businesses are the backbone of the Canadian economy, accounting for *98% of businesses in the country. Accountants and bookkeepers are critical advisors to these small business owners, helping contribute to the company’s success. Managing business finances can be quite stressful for business owners, as handling the books on their own is often intimidating and quite a burden.
