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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:

April Poll

In your view has CRA’s service level to professional tax advisors improved this year?
Yes: 1 votes
No: 121 votes

Cast Your Vote

CE Summit Bonus: Healthy Snacks Included in Advanced T1 Update

When we say everything is included in the Virtual Advanced T1 Tax Update on January 20, we mean it!  As a special bonus, when you enrol by December 31, we’re including the snacks to keep you on your game as you learn from 4 of Canada’s most esteemed tax instructors. RSVP now and you’ll also avoid paying “walk up” rates that apply after January 15.

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Interest Paid By and to the CRA

Did you calculate whether a December 15 instalment remittance was required to top up  tax pre-payments for the 2020 tax year? At this busy pre-Christmas time, it is easy to miss. For these reasons, it is so important to plan to reduce taxes payable.  One way to do that is by making charitable donations before year-end. Here is what you have to know about avoiding expensive CRA interest:

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Donations Tip: Giving Gifts in Kind

It is in December that millions of people around the world will give to one another and to their favorite charities. Typically, gifts will be in cash; however, you may also give gifts in kind and receive a donation receipt. But, you have to be very careful about the tax consequences before and after the gifting.  Here are some tax tips to consider:

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CERB Confusion: Gross or Net Income?

The Grinch just keeps showing up at the doorway of Canada’s ailing small business community.  Due to a lack of clarity on the definition of qualifying income levels for the receipt of the Canada Emergency Response Benefit (CERB), many now face the prospect of repaying as much as $14,000 along with some unwelcome tax complexity.  Help from a local tax specialist could help.

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TFSA or CPP? A Business Owner’s Dilemma

Over age 65 and still working?  Should you stop contributing to the CPP at age 65 in favour of a TFSA contribution?  It’s a commonly asked question.  In fact, the TFSA has an especially important multi-generational role in 2020. 

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