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:

May 2022 Poll

Should the tax filing deadline be extended for all taxpayer to June 15?
Yes: 165 votes
50%
No: 165 votes
50%
 

Cast Your Vote

You’re Invited: Lesson 1 -  Introduction to Real Wealth Management

Are you interested in enhancing your value proposition and broadening your client service offering? Amplifying your referrals?  Becoming a more holistic wealth advisor? Then you may be interested in learning more about the Real Wealth Managers RWM™ Designation – a new designation that differentiates collaborative financial leaders in the marketplace. RSVP now for a complementary virtual Lunch & Learn on March 2 at 12 PM CST!

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Need Fast Answers to Tax Questions?  Choose Evergreen Explanatory Notes

Do you have complex tax questions difficult to find on the CRA website?  Are you too busy for long wait times on the phone with the CRA?  At Knowledge Bureau we have a great solution to help you save time and money and answer more tax questions from your clients with confidence.  It’s called Evergreen Explanatory Notes,  your fast guide to issues, answers, explanations, client interview guides case studies, tax court cases, plus a fast way to link directly to all pertinent CRA forms, guides, folios, the Income Tax Act and much more!

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Update on Family Business Transfers

What is the current word on using the Lifetime Capital Gains Exemption when you transfer the family farming, fishing or small business corporation to your child or grandchild?  Is this possible or not?  There is good reason to feel unsure, as the tax law around this lifecycle event has not yet been clarified, 9 months after Royal Assent was give to legislation intended to change it.  Here’s the background to this story:

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Complexity: Consequences of Tinkering with the CCA System

Investing in asset upgrades this year?  What can be written off over time?  The answer is increasingly cloudy. Recent tinkering with the tax system to promote certain economic activities has allowed for accelerated write-offs, but that has caused significant complexity.  With the introduction of an accelerated write-off of capital items purchased by a Canadian Controlled Private Corporation (CCPC) to a maximum of $1,500,000, the net tax consequences over the lifetime of the asset’s use require more thought. 

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Effective Home Buyer’s Plan Strategy

It is no secret that the dream of home ownership is getting out-of-reach for thousands of Canadians, not only in the major Metropolitan areas of the country, but also in the suburbs. Accessing the Home Buyer’s Plan within the RRSP is an important strategy that can help first time home buyers realize their dreams of home ownership.  It’s another reason not to miss the RRSP contribution deadline, coming up shortly on March 1.   

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