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:

June 2022 Poll

Are your clients concerned they will lose their principal residence exemption due to the new house flipping tax?
Yes: 69 votes
51.11%
No: 66 votes
48.89%
 

Cast Your Vote

Availability of Confidentiality Orders from the Tax Court of Canada

A reassessment following an audit from the CRA is deemed valid and binding subject to being proved incorrect by the taxpayer on a balance of probabilities (above 50%). In order to prove that the reassessment is inaccurate, the taxpayer may have to disclose confidential or otherwise privileged corporate documentation at trial. However, these documents can be accessed by corporate competitors by searching the Court Registry at the Tax Court of Canada.

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Succession Plan Start-Up: An 18-Point Checklist

A financial plan matters, a lot.  Yet, close to 50% of Canadians don’t even have a budget. Further, only about 30% of Canadians knew what a financial plan is and how it could help them. That means there is a lot of potential for collaboration to get better financial results and achieve more financial goals.

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Upcoming Tax & Financial Deadlines

As tax season picks up speed, there are some important dates and deadlines coming up to make note of and discuss with your clients.

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Need IIROC Compliance Credits?

Privacy of confidential financial data is an important issue to your clients and no wonder: Statistics Canada says that about 57% of Canadians online reported experiencing a security incident in 2018.  Do you know how to avoid privacy risks that may arise in your business?  A new online certificate course, Privacy Principles in Business addresses many of the security issues that concern business owners these days, and now you can earn 10 compliance credits from IIROC by completing this cutting-edge course.

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May 1: Deadline for Outstanding 2020 Balances

There is an important deadline coming up for those who received a reprieve on their 2020 outstanding balances: interest will accrue on that balance starting May 1, 2022. Who does this deadline apply to?

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