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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 Poll

In your view, is the reduction of the Canada recovery benefit to $300 a week premature?
Yes: 47 votes
39.17%
No: 73 votes
60.83%
 

Cast Your Vote

Tax Tip: Writing Off Your Investment Interest Costs

The difference between good and bad debt often lies in its tax deductibility. Those who leverage their assets as part of their strategic plan to build wealth will often do so more successfully by earning more income and increasing their net worth. However, should you borrow to invest? Claiming tax-deductible interest is often the only consolation for the eroding effect that the costs of debt can have on personal wealth. Here’s what you need to know this tax season:

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Easter Egg Hunt Planned?

Okay, we admit, it’s a stretch, but we wanted to hop into the spirit, and surprise you, our Knowledge Bureau Report readers, with a tuition treat to celebrate the long weekend!

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CEWS & CERB: Audit Potential Emerges for High Ineligibility Rate

The Canada Emergency Wage Subsidy (CEWS) program is set to end on June 15, 2021.  Has it been a success?  It depends on your perspective.  Last week, a Performance Audit on this program and the Canada Emergency Response Benefit (CERB) was completed by the Auditor General of Canada and the findings do raise eyebrows.

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Cyber Attack Residue: Taxpayers Still Struggle with CRA Services

Taxpayers who are filing 2020 tax returns and need to report a move to a new address will have a new hurdle to overcome in changing their address with the CRA.  This is due to the cyber security incidents dating back to August of 2020.

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Tax Filing 2021 Poll: Stick to the Deadlines

Close to 7 million people have already filed their returns and so far it looks like this tax season should be business as usual.  Right now, the average tax refund is $1,825, the average amount due is $3,196, and when it comes to meeting tax deadlines, there is no indication that tax filing deadlines will be extended. In our March opinion poll, tax and financial pros agree with this, particularly when it comes to instalment payments.  Specifically, 60% of poll respondents feel that further postponement of taxes due would not be appropriate. Here are two noteworthy comments:

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