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Financial Issues & Answers for Everyone
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.
July 2025 Poll
Do you believe Canada’s tax system based, on self-assessment, has suffered under recent changes at CRA and by Finance Canada? If so, what is the one wish you have for tax reform?
The PIT Cut Arrives July 1. . .But Will You Notice?
It’s here! The Personal Income Tax (PIT) relief offer to Canadians in the form of a 1% change in the lowest federal marginal personal income tax rate (PIT) takes effect on July 1. . .so it is half of a percent for 2025 and this rate will also apply to reduce the value of most non refundable tax credits. That makes it complex and hard to quantify. Just how much will you get? Canada’s Parliamentary Budget Officer, Yves Giroux, has broken down the impact of this 1% shift. The results are not as impressive as first presented to Canadians.
Tax Primer: Who Needs to Register to Remit GST/HST
Navigating the complexities of tax compliance is a critical part of running a business in Canada—and understanding the Goods and Services/Harmonized Sales Tax (GST/HST) is a key component. While not all provinces participate in the HST system (those who don’t remit GST only), every business owner should understand what it is, how it works, and whether they are required to register.
Household Debt: Larger Than Canada’s Overall GDP
It’s almost the halfway mark in the year 2025! How prepared are Canadians for uncertainty and volatility ahead? StatsCan is reporting that our debt to income ratio worsened in the first quarter of 2025. There is an opportunity for advisors to start year end tax planning early to engage clients in solutions to pay down debt. Online certificate courses leading to the DMA (Distinguished Master Advisor) designation can help shore up knowledge on tax, accounting and budgeting as well as business forecasting and planning gaps this summer. Here’s the backdrop:
The Shifting Landscape of Philanthropy in Canada
Charitable giving has changed noticeably in recent years. As professionals who prepare tax returns or provide estate and legacy planning services, you will almost certainly have noticed a decline in the number of clients who are giving. But donors who plan strategically throughout the year may be more inclined to give more and most important, highly value the opportunity to discuss this with a training strategist. This is where the MFA-P™ designation program comes in. Consider the following as a key professional opportunity:
Acuity 2025: Top Advisors & Influencers Gather in Puerto Vallarta Nov. 23-26!
Secure Your Spot by June 30 and Save on Tuition for Canada’s Only Multi-Advisory Wealth Management Conference: the Annual Acuity Conference for Distinguished Advisors, taking place November 23–26 in spectacular Puerto Vallarta, Mexico. This year’s theme, “Happy Landings”, sets the stage for what may be the most important conference you attend in 2025. In a time of global uncertainty, this is Canada’s only multi-disciplinary gathering of top advisors and thought leaders—brought together to navigate a New Era of Risk and Reward from both a national and international lens.
