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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?
BC Residents Will See Their GST Credit Cheques Reduced as of April 2013
As a result of reverting from the HST back to the GST and PST system in BC, the provincial HST Credit has been abolished.
Must Audit Support Documents Be Electronically Filed?
Starting in May 2013, CRA will again begin its Processing Review Program, which initiates requests for supporting documentation for claims made on tax returns.
Claiming Babysitting Costs
Expenses for the care of dependent children who are under the age of 16 (at any time of the year) or who are physically or mentally infirm may be claimed on your tax return.
Overseas Employment Tax Credit Phased Out by 2016
For contracts made after March 28, 2012, an employee's claim for the Overseas Employment Tax Credit will be reduced.
Special Tax Deductions for Artists and Musicians
Artists and musicians may claim expenses for items specific to their profession, including capital cost allowance on musical instruments.
