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.
Statistics Canada says that about 1 in every 10 business are impacted by a cyber security or privacy incident. Worse, in a rapidly changing landscape Artificial Intelligence (AI) can now mimic voices and have human-like conversations, draft emails, write articles and books and more – all in a few seconds; think ChatGPT, for example. At a minimum, these transformational changes require a solid understanding of how to meet the accountabilities of privacy and confidentiality. Now you can earn 10 compliance credits from IIROC by completing a new cutting edge course from Knowledge Bureau: Privacy Principles in Business.
There are a number of issues to discuss as tax season is now in full swing. To begin, it’s more expensive to owe money to the CRA this quarter and tax and financial advisors will want to advise their clients of important – and potentially expensive - tax filing milestones coming up in the second quarter. There is good news, however, for seniors. Here’s what you need to know:
Managing the economy is a complex challenge for government and Canada's near-term economic outlook remains uncertain, according to the March 28, 2023 Federal Budget. For taxpayers, however, there is certainty: the impact of increasing carbon taxes and with that, higher GST costs. This perhaps is the bigger story, based on new information from the Parliamentary Budget Officer, released on March 30.
As March came to a close, the CRA had received 9.3 million returns, and according to data to March 13, average tax refund amounts had declined slightly from February: coming in at $2,172. Over the year, the size of the tax refund has been steadily increasing. We asked you to tell us whether CRA should cut back on withholding taxes so that Canadians could keep more in their pockets every two weeks. The no’s won at 62.96%. Here were your comments:
If getting back 500 hours a year, making more, spending over 60% less money, and bringing in lots of new clients while realizing work-life balance with your important relationships is appealing to you, then the next Webinar from Knowledge Bureau Network on April 11 is exactly what you’ve been looking for. You’ll get a sneak peek at how to retool and build an amazing digital practice from Derek Notman, CEO of Connector, and fellow advisor who got tired of doing business the old way.