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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:

June 2025 Poll

Are your clients owed money by CRA? As of March 31, 2025, the CRA holds about 10.2 million uncashed cheques totalling $1.7 billion. In your view, why is this happening?
Yes: 17 votes
68%
No: 8 votes
32%
 

Cast Your Vote

At a Crossroads?  The Self Employed in Canada

The tax filing profile for the self employed is coming up fast:  June 16,2025.  These proprietors file T1 returns and report net income, which is subject to tax and also Canada Pension Plan (CPP) contributions upon filing.  There can also be losses which offset other income of the year.  Regardless, their tax and financial planning needs are unique, especially because they are at greater risk of audit by CRA and also of having too many eggs in one basket. . .their business.

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Subcontractor or Employee?

What are the implications of misclassifying workers as independent contractors to avoid paying statutory deductions? From a CRA point of view, plenty, and the consequences can be very expensive. At a time when terminations and layoffs due to uncertainty in the current business environment are occurring, getting these classifications right is important.  There may, in fact, also be a legal requirement to pay severance to independent contractors.

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Retirement Planning for Business Owners: A New Playbook for a New Economy

Business owners are facing unprecedented uncertainty as they approach retirement. Whether it’s fluctuating business valuations, changing tax policy, or succession challenges, today’s entrepreneurs need specialized, forward-thinking advice to navigate their financial future. That’s why the “Retirement Income Planning for Small Business Owners” session—delivered by Doug Nelson as part of the CE Savvy Summit on May 21, 2025—remains a critical learning opportunity for tax and financial advisors working with entrepreneurial clients. Missed the live event? Now it’s available on-demand! This session provides full access to the recordings, materials, and CE assessments — making it easier than ever to earn credits and sharpen your advisory edge at your own pace.

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Leadership Opportunity:  Canada’s Shrinking Head Office Economy

As Canada’s head office economy continues to contract, the responsibility for economic growth, innovation, and leadership is increasingly falling to small- and mid-sized businesses. This shift presents both a challenge and an opportunity. And, it’s exactly why the DMA – Small Business Services Specialist Program should be a critical part of your professional development library. Designed to equip professionals with the tools to support sustainable business growth and succession, this online designation program prepares you to develop leadership skills from the ground up as Corporate Canada is experiencing a disturbing trend.  Here’s more: 

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Acuity 2025 - Corporate Owned-Insurance as a Risk Mitigation Tool

Advisors often promote holding corporately owned insurance policies because it provides clients with the ability to fund their policies using lower corporate tax dollars. Proceeds are also received tax free on death.  But there are important pitfalls, says Leanne Rodrigo, CPA, CA, a special guest Faculty Member at the Acuity Conference for Distinguished Advisors (DAC), November 23-26, 2025 in beautiful Puerto Vallarta. Early bird registration ends June 30 . There are many things to think about:

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