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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.
May 2025 Poll
Does the new government’s promise, expected soon, to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs? What are alternatives in your view?
Taxpayer Bill Of Rights Bolstered With A New Form
The burden of proof for accurate tax filings is always on the taxpayer, but in return, the taxpayer has several basic tax filing rights enshrined in the sixteen “Taxpayer’s Bill of Rights, ” together with five additional rights for small business. Now there is an additional tool when CRA fails to provide you with your rights to accurate and timely information: Form RC193 Service Feedback Form.
A New Way to Grow Your Accounting Practice
Vexxit’s online platform brings clients to you. The way we do business has changed these last few years. Remote and hybrid have become the new norm, with professionals trading boardrooms for virtual meetings and networking events for social media introductions. Vexxit has taken this new way of doing business and amplified it, giving accountants a digital platform to offer their services and access customers who need them.
Newcomers: Tax Filing For You Is Complex
International tax law is very complex and border-hopping can be expensive from a tax point of view. Newcomers to Canada and immigrants especially need to pay attention, but so do those residents with offshore assets. Be sure you are working with a Tax Services Specialist™ who has graduated from Knowledge Bureau’s Cross Border Taxation Course.
Advisors See Opportunity with High-Net-Worth Clients Looking to Protect their Wealth
It’s tricky to find silver linings in 2023, as the cost of everything is rising, with the Consumer Price Index (CPI) sitting at 6.3%. Food, fuel and general goods are increasing in price, and unfortunately so is the cost of running a business. However, some businesses are finding that they are thriving in the current environment. For example, some advisors are finding that their businesses are still growing, thanks in large part to high-net-worth clients seeking better service.
Underused Housing Tax Form Released
Canada has a new tax form due on April 30 and it comes with expensive penalties. Canada Revenue Agency has just released new form UHT-2900 Underused Housing Tax Return and Election Form to be used by non-resident owners of residential property in Canada. The new underused housing tax is 1% of the value of any vacant or underuse residential property owned by a non-resident individual or corporation.
