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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:

July 2024 Poll

Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?
Yes: 113 votes
No: 23 votes

Cast Your Vote

Cycle 10 CIRO Credits Now Available!

Cycle 10 CIRO (previously IIROC) credits now available from Knowledge Bureau! Become a Designated Specialist: take the Real Wealth Management™ Program), the MFA-P™ Philanthropy Services Specialist Program to earn CE Credits and enhance your value proposition. Check out the details below.

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Tax Complexity Comes With Last Chance For CEBA Loan Forgiveness

March 28 marks the last day CEBA loan recipients who have submitted a refinancing loan application on or before January 18, 2024 can qualify for up to $20,000 of loan forgiveness.  The outstanding principal of the CEBA loan must be repaid on or before March 28, 2024.  Otherwise, unpaid loans remaining become non-amortizing term loans with full repayment due December 31, 2026.  But there is still at least one bright spot for those loan holders, but it comes with tax complexity.

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A Triple Win for Seniors - Gifts from RRSP/RRIFs

RRSP and RRIF are retirement savings plans where investments grow on a tax-deferred basis.  When proceeds are taken from these accounts, the full amount withdrawn is reported on the RRSP/RRIF holder’s tax return as income. Can charitable giving reduce the tax sting?  Is that a smart strategy given the detailed tax rules that can leave a tax gap? Can planning now help keep assets invested as markets show signs of recovery?  Yes, but you need to do a little extra tax legwork.

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Common Medical Expenses You Can’t Claim

Everyone is likely to have some out-of-pocket medical expenses during the year but many people don’t know that they can claim them.  Common examples are batteries for hearing aids, certain travel costs incurred to seek medical attention not available in your community or contact lenses for example. But there’s also a long list of expenses that can’t be claimed.  Can you name any of them?  The CRA offers a great list:

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CRA Extends Relief for Bare Trust Returns as Filing Deadline Looms

Only three weeks before the April 2, 2024 Trust Return filing deadline, the CRA released updated guidance indicated that gross negligence penalties will not apply for 2023 in most cases if taxpayers fail to file on time, except in the “most egregorious cases”. It’s good news that the government has decided to ease the penalty provisions for people who don’t file by April 2 as they try to decipher these new rules. When does a bare trust exist, and when do the rules apply? Here are some examples, based on a question submitted by one of our KBR readers and students, Connie Zhu.

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