Knowledge Bureau Report

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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:

August Poll

In your view, have recent federal tax changes contributed to economic resilience and powerful competition in Canada?
Yes: 26 votes
No: 177 votes

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Save 10% on Tuition When You Study Online with a Buddy

Mentorship matters, and online studies offer a great opportunity for you to encourage the continuing development of your hard-working tax or financial services team. To support you in your business development pursuits, Knowledge Bureau is introducing a new “Study With a Buddy” enrolment offer.

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Graduates in the News – Jim Gunn, CFP, RWM™

Knowledge Bureau graduate Jim Gunn of Ontario pursued his Real Wealth Management (RWM™) designation to complement his other credentials, which including CFP, RRC, CEA, CPCA, and Insurance Broker. His goal in obtaining his RWM™ was to help his diverse client-base with niche issues using a holistic approach while building trust and delivering value. Here’s his story:

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Tax Evasion, Not Tax Reform on the CRA Agenda

Tax evasion will take precedence over tax reform according to the federal Finance Minister, who attended a June 5 meeting of the Senate Finance Committee. That’s the same day the Joint Chiefs of Global Tax Enforcement (J5), which the CRA is a part of, celebrated its first anniversary.

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When You Owe the CRA: Managing Interest Costs

Monday June 17 is the tax filing deadline for proprietors and many of them will owe money to the CRA. In fact, over  5.6 million returns filed as of May 27, 2019, had balances due averaging $5244. Three things must be managed if you owe: interest on late payments, potential offsets and adjustments, and your relationship with the collections office. 

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Tax Expenditures: Did You Claim Your Fair Share?

The Department of Finance Canada and the CRA defines the principal function of the tax system as a means to “raise the revenues necessary to fund government expenditures.” Of course, it is not quite that simple, as the tax system is also used to achieve public policy objectives by administering preferential tax rates, exemptions, deductions, deferrals and tax credits. The question to be answered, post-tax filing season, is whether all taxpayers claimed their fair share.

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