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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.
August 2025 Poll
A public consultation on whether the CDIC’s deposit insurance limit should be raised to $150,000 per deposit category is underway. Do you agree?
Moving? Let CRA Know to Avoid Benefits Interruption
Moving before the fall? You will want to be sure you let CRA know to continue to receive important tax credits to help offset inflation. There’s a form for that; on paper or online. You will also want to familiarize yourself with the T1M Moving Expense Form to understand the kinds of expense receipts to keep and find come tax time. The deduction can grow to five figures quite easily. Both forms require some tax knowledge to complete properly.
Travelling Abroad? Foreign Currency Exchanges Could Have Tax Consequences
It may be difficult to remember a time when the exchange rate of the Canadian dollar to foreign currencies, especially the U.S. dollar, was lower than it currently is. The Bank of Canada has a great chart of help you track the changes. For taxpayers and their advisors, it’s important to track them to determine if a capital gains tax consequence has been triggered during the year. This can happen when foreign currency, once exchanged, produces more Canadian dollars, over the original sum exchanged. There are some interesting tax rules to consider in these cases.
More Things to Do at DAC 2023!
Looking for other ways to mix and mingle with DAC attendees, trade best practices, and have some serious fun in Banff? Check out these additional activities and sign up soon through the DAC Interactive Agenda, as spaces are limited! If you haven’t secured your seat out the conference, be sure to do so by the September 30 early-bird deadline for best tuition rates!
Mark Your Calendar: Fall Education & Tax Filing Milestones
It’s back to tax school time and that means shoring up on tax knowledge for the 2023-2024 tax filing seasons, but also to mark your calendar for important milestones to meet CRA fall filing requirements. To help, here are the Knowledge Bureau Report’s Fall Financial Calendar Checklist:
Significant Draft Tax Legislation Released on August 4
No rest for tax and financial professionals, it seems. Between two long weekends, August 4 and September 8 a giant package of draft tax legislation (365 pages) and explanatory notes (459 pages) must be read, deciphered and reviewed to provide commentary. It’s a very tight window considering the significance of the provisions, which reform the tax system for employees, employers, high income earners, those embarking on intergenerational transfers, investors in the clean economy and mineral exploration and those who try to circumvent the intent of the law.
