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Financial Issues & Answers for Everyone
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.
June 2025 Poll
Are your clients owed money by CRA? As of March 31, 2025, the CRA holds about 10.2 million uncashed cheques totalling $1.7 billion. In your view, why is this happening?
When Are Professional Fees Tax Deductible
Based on CRA income tax filing statistics to August 13, 2023, just under 60% of all the 30.8 million tax returns filed in Canada this year were E-filed, which means the vast majority of Canadians are using the services of a professional EFILER to get their tax returns filed. That’s good news for the industry, which has the opportunity to grow even more, especially if receiving referrals from other financial advisors, always on the look-out for trusted, knowledgeable and highly skilled tax talent. Common question: are tax accounting and legal fees tax deductible? There are some specific rules to know:
Need IIROC Credits Before Year End?
Looking for IIROC credits before year-end? Knowledge Bureau is pleased to offer three educational program options The Real Wealth Manager™ Designation, the MFA-P™ and the Certificate Course Navigating Privacy Issues. These Practice Management programs can be taken anytime, 24/7 online in the convenience of your home or office. Check out the program guides:
Train for Tax Season 2024: Add DMA™ to Your Specialized Credentials!
Now is the time to get ready for tax season 2024 by adding Distinguished Master Advisor (DMA™) to your own Specialized Credentials, or expand the talent in your office to grow your firm. Choose from 3 recommended Designation Programs, and as a special bonus when you register by September 15, you can come to the September 20 Virtual CE Summit on Real Estate Audit Defence free!
CRA Delays: What to Do About the Hours on Hold
Is it reasonable to expect Canadians to spend 2 hours or more on hold to get answers to their tax questions at CRA or even change their address? Taxpayers and their advisors are increasingly frustrated with long wait times for service. The CRA Ombudsman is looking into it, according to a CBC report, but the ombudsman’s office, too, is behind on complaint processing; backed up to the last week of June. It’s a big problem, as taxpayers are bound to strict deadlines for compliance or face expensive penalties and interest costs. So, what can be done?
Inflation is Up Again - Time for Financial Breaks
According to Statistics Canada, this Consumer Price Index (CPI) rose 3.3% year over year in July; this follows a 2.8% increase in June. What were the key contributors to the rise in inflation? It was the price at the pumps, groceries and mortgage costs. And while inflation is expected to come down – perhaps two years from now amidst a lot of uncertainty – it’s a big wealth eroder for those retiring in this cycle. It’s an opportunity for tax and financial advisors to work together with their clients.
