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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.
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January 1 is the introduction date for the CPP2. A new tier of premium increases begins for higher income earners. It’s 4% more on contributory earnings between $65,000 and $73,200 – for a maximum additional premium of $188. That’s on top of a $3754.45 premium (5.95%) on the first $65,000 of contributory earnings. The self-employed pay both the employer and employee portions to a maximum of $8111. Knowledge Bureau Report asked its readers: in your opinion, will the CPP2 premium increase starting January 1, 2024 cause financial hardship to employers and employees? Overwhelmingly the answer was yes: 88%. Here were some of the reasons why:
The Underused Housing Tax (UHT), was introduced as a tax on vacant homes owned by non-residents in the April 19, 2021 federal budget. According a recent interview with Investment Executive, the tax has already raised 30 million dollars as of mid December 2023, but on closer look, less than 2% of the 426,200 returns assessment had taxes owing, and the amount collected has fallen short of goals. Is it worth the complexity and the cost of compliance to keep it in place? That’s our January poll question. Here’s some background:
Coming up virtually on January 17, in person in Toronto on January 24 and in Calgary on January 26, registration for Knowledge Bureau’s 2024 Comprehensive T1 Tax Update for professionals is now open. Check out the detailed agenda online! The program includes not only the presentations for the day but access to the accompanying online course, CE quizzes, accreditation and the new 430-page Knowledge Journal Line-by-Line Desktop Reference, as well as lunch and refreshments at the in-person events. In addition, every student retains a subscription to EverGreen Explanatory Notes and Knowledge Bureau Report for the tax season and until May 6. It’s your complete 2024 Tax Season Toolkit!
Did you know that Knowledge Bureau is a private, educational institution certified by Employment and Social Development Canada (ESDC) to provide courses that develop or improve skills for those working in the tax, bookkeeping, accounting, and financial services industries? What this also means is that Knowledge Bureau students who have paid 2023 tuition fees in excess of $100 qualify for the tuition fee amount, and the T2202 tax slips to claim this are now available in your Virtual Campus. Here’s how to claim them:
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