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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.
This Month’s Poll
Do you agree with the government’s plan to introduce the new Canada Groceries Essentials Benefit (CGEB)?
Intergenerational Wealth Transfer Needs: From Financial Advice to Wealth Stewardship
Driven by the massive intergenerational wealth transfer occurring across North America, today’s tax and financial services clients are asking for more than product recommendations or tax preparation. They want clarity, confidence, and leadership. This shift is redefining the advisor’s role: professionals who move beyond transaction-based services to deliver a coordinated, tax-efficient, and values-based approach to managing wealth over a lifetime - and across generations – are the advisors of the future. How to recognize this professional? The RWM™ credential is behind their name.
Building Better Businesses Starts with Better Advisory Leadership
Save the Date: CE Savvy Business Builder Summit, March 25, 2026 | Virtual | 8:15 AM – 1:30 PM CT. Are you growing your practice? Perhaps you are helping your clients grow their businesses better? Small business owners face relentless pressure - from rising costs and labour challenges to tax complexity, succession uncertainty, digital disruption and for some, quite simply the basics: how to lead, how to sell, and how to make decisions based on their financial statements. If this resonates, read on about a unique business education program geared at small to medium sized business owners and a new live virtual summit.
The “New” Canada Groceries Essentials Benefit
We all know the price of groceries has risen faster than most incomes. Given that, and the promise to address affordability in the last election, the federal government announced an enhancement to the existing GST/HST Credit including a one time top-up. Recall, this has been done before during the pandemic. However, buried in this announcement was an important 2025 tax filing change, as well, another example of “tax change by news release” that makes complicates tax compliance. Here’s what you need to know:
GST Announcements Affect Financial Services
Starting July 1, 2026 mutual fund agents must register and collect the GST/HST on trailing commissions earned if they exceed $30,000 (the small supplier threshold). This news, provided only to “relevant stakeholders” is far reaching and still open to consultation. It may not, in the end, result in a revenue gain for the government, as input tax credits will be claimable. But it will bring to the fore a whole new base of taxfilers to audit in the future. Here’s what to know:
Preparing Clients for Tax Season
Tax season 2026 has officially started with the release of the 2025 T1 return on CRA’s web pages. There are over 60 pages that belong to the T1, including accompanying schedules, but in addition, it is possible that one or more of hundreds of auxiliary tax forms may be required. There is a lot to know, as the Burden of Proof is always on the taxpayer, and the rigor of professional knowledge required to be in public practice continues to grow exponentially. Against that backdrop, what is the best way to prepare clients this month, for what is to come as we speed towards April 30?
