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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:

March 2023 Poll

The average refund for the first filing month, February, 2023 was $2,295. Should CRA cut back on withholding tax requirements?
Yes: 39 votes
No: 66 votes

Cast Your Vote

The Largest Wealth Transfer in History – Many Will Transfer to Charities

Baby Boomers and Gen X are already in the process of transferring their wealth to Millennials and Gen Z. However, increasingly the solution to wealth transfer for singles will be to plan a donations strategy.  Consider these reasons individuals donate to charities:

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Is the CPP Sustainable: Pre-Retirees Will Soon Find Out

Is the Canada Pension Plan sustainable, and if so, are further premium rate increases required?  The 31st Actuarial Report on the Canada Pension Plan (CPP)[1] is expected to be released before the end of December, 2022 and it should shed important light on how expensive these source deductions may yet become. 

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Capital Cost Allowance Changes: Immediate Expensing

Did you know that asset purchases before the end of this year could qualify for immediate expensing – that is, a full expense deduction for capital purchases?  Yes, you read that correctly.  Certain eligible asset purchases can be immediately expensed in the year the asset becomes available for use. This provision has recently been expanded to also include sole proprietors and many partnerships in 2022. 

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Stock Compensation Arrangements: Trigger for Holistic Wealth Management

About a third of the largest publicly traded companies in Canada offer their employees stock compensation arrangements. Recently, Shopify announced that they will be overhauling their employees’ compensation arrangements, offering them a choice between cash or stock. But do the recipients of these compensation arrangements truly understand the risks associated with investing in stocks? Are they aware of how these securities fit within their holistic wealth management plan?  It’s a real opportunity to add value as we head into an economic renewal.

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There’s More to Cross Border Tax Then Meets the Eye

As baby boomers age, technology makes it possible for people and businesses to operate globally, and economic changes make it appealing for people and businesses to purchase investment property globally.  As well as the increase in the sharing of financial information between countries, cross border taxation issues become key for cross border employment, entrepreneurship or asset ownership, as does the issue of residency and U.S. citizenship.

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