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:

August Poll

Do you think that seniors over the age of 75 should continue to get the 10% increase in their Old Age Security benefits which began in July of 2022?
Yes: 96 votes
80.67%
No: 23 votes
19.33%
 

Cast Your Vote

Special Report on the April 7, 2022 Federal Budget

The Federal Budget of April 7, 2022 represents a much brighter economic outlook for Canada and contains a sprinkling of tax provisions that most importantly did not raise any tax rates or impose new capital gains taxes.  However, there is a warning that this could be on the horizon as early as this fall.

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Breaking News:  Federal Budget April 7

The Finance Department has announced that the Federal Budget will be on April 7, 2022.  Your Knowledge Bureau Special Budget Report team will provide full details.  Then join us comprehensive analysis and CE Credits with Evelyn Jacks and the Knowledge Bureau Faculty at the May 18 Virtual CE Summit for the effect of budget and economic change on Retirement and Estate Planning.   

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Recycling Tax Dollars:  Increased Climate Action Incentive Payments

On March 23, 2022, the Federal Government announced the increased payments for the Climate Action Incentive (CAI) for the 2022-23 period and some Canadian households will soon receive over $1,000. But not through their tax filings, a change from last year.  It’s a recycling of federal carbon tax surtaxes.  Here’s what you need to know:

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A Brief on Basic Personal Amounts

How much money can Canadians earn before they have to pay federal taxes?  The answer lies in the structure of the basic personal amount (“BPA”) -  an annual earnings amount that is anything but easy to understand; especially since all the provinces and territories have their own BPAs to add to the confusion.  Here’s how to help taxpayer – especially newcomers to Canada – wrap their heads around this:  

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Hiring Family Members?  Avoid Punitive Tax on Split Income

If you are hiring family members over the age of 25 you may need to justify that the payments, you have made are reasonable in order to avoid a Tax on Split Income or TOSI.  Specifically, according to the CRA, the reasonableness of an amount paid to your family member will be evaluated based on one or more of the following criteria:

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