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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:

May Poll

Are you in favor of the OAS raise of 10% in 2022 for those age 75 or older?
Yes: 126 votes
72.83%
No: 47 votes
27.17%
 

Cast Your Vote

Reporting Child and Spousal Support Payments

According to the Vanier Institute, the pandemic that began a year ago may have a significant effect on family life in Canada, particularly for those who experienced unemployment as part of the equation.  Families who may have separated or divorced in 2020 will now have significantly altered income tax profiles.  Here is what you need to know to ensure support payments are properly reported.  

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Write Them Off: Home Accessibility Costs

“My 69-year-old mother now lives with us, and we had to make renovations to our home so that she could be safe after her accident at her personal care home.   Can we write off the costs of those renovations?”  It’s not an uncommon question this year as Canadians coped with the stress of the pandemic. The Home Accessibility Tax Credit can provide some financial relief in these cases.

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A Little-Known Tax Bonus for Medical Expenses

The Refundable Medical Expense Supplement is a tax credit claimed on line 45200 of the T1 return targeted at lower income earners.  If the credit exceeds the taxes payable, the balance will be refunded to the taxpayer. CRA provides an area on the Federal Worksheet that accompanies the income tax package to make the calculations. The trouble is, few people know about it.

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Who Should File a Tax Return?

Filing a tax return is always a good idea, but chances are CRA will owe you money even if you don’t have any income at all.  That’s because you may be eligible for some refundable tax credits. However, for the majority of people who have at least some income – and that includes teenagers who qualified for the CERB and other pandemic supports this year, it’s important to know the answer to this question:  who should file a tax return and who must file one? 

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It’s Not Too Late to Learn Professional Tax Preparation for 2020 Returns

It’s not too late to learn to prepare personal income tax returns from your home or office and now you can confidently learn and practice doing 2020 tax returns with Knowledge Bureau’s newly released 2021 Professional Basic Tax Course. 

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