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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.
May 2025 Poll
Does the Liberal promise expected soon to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs?
May 2025 Poll
Does the Liberal promise expected soon to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs?
Late Filers Give Up Millions
Tax professions know that not every client will file their income taxes on time, and that’s a costly mistake. Did you know that each year over three million Canadians file past the deadline? Those late filers are losing big money. First if they are due a refund, they are losing out on the money that could be accruing in a TFSA, RRSP, FHSA or another tax savings account. But there is a second, more expensive consequence, one that will increase in the future, too.
Tax Promises From the Liberals
Canadians awoke on April 29th to another minority government. Mark Carney is the Prime Minister, but we don’t know for how long. What we do know are some of his plans for the country as he forms government, based on the Liberal election platform. Despite picking up 8 more seats than 2021, the Liberals will still have to make deals in order to remain in power, and these provision could need tweaking as a result. Here’s an overview, which will be discussed in more detail at the May 21 CE Summit with Evelyn Jacks and guest instructors. Register by May 15.
Canada’s New MPs: Salary, Benefits & Accountabilities
Canada has a new government. The 338 new Members of Parliament (MPs) are tasked with taxing and spending Canadians’ money to achieve a myriad of goals, and they are lawmakers. They receive handsome remuneration for doing so. Not dissimilar to the role of professional tax and financial advisors, MPs are advocates for their constituents and stewards of their precious resources, and their roles do intersect, if they are to deliver on Job #1. Filing their tax returns can be a challenge too, given their compensation structure.
Are the Tax Stats Right?
It’s April 30 and there has rarely been more confusion about a tax filing deadline than in 2025! Not only is CRA’s Auto-fill My Return (AFR) service unreliable, the tax filing deadlines themselves have shifted: April 30 for most people, May 1 for trusts with capital gains, June 2 for T1s with capital gains and June 16 for T1s with small business income (proprietorships). Even the income tax filing statistics seems off. Have a look:
