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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.
August 2025 Poll
A public consultation on whether the CDIC’s deposit insurance limit should be raised to $150,000 per deposit category is underway. Do you agree?
BC Budget Raises Tax on Top Earners
It is definitely a retirement haven, and up until February 18th, BC was somewhat of a tax haven as well. Unfortunately, the top 1% of income earners in BC will pay $216 million more taxes starting January 1, 2020, as a result of yesterday’s provincial budget. The top tax rate and income bracket has increased 3.7% from 16.8% to 20.5% on taxable incomes over $220,000. This is a change that will affect marginal tax rates on various income sources, including retirement income, and taxable income on final returns of deceased taxpayers, as shown below:
Income Splitting Tip: Invest in a Spousal RRSP by March 2
The spousal RRSP is one of those often-overlooked gems in a long term retirement income planning strategy; one that you shouldn’t overlook in the RRSP top-up discussion before the March 2 deadline. It’s the contributor who gets the RRSP deduction based on his or her own RRSP room, but it’s the annuitant spouse that will draw on the money later, according to special rules. Here are six basic “must-know” tips:
It’s a Leap Year! Some Fun Facts, and a Special Offer…
Did you know about 5 million people in the world have birthdays every four years on a Leap Year? Rumor has it they also have very special powers! With February 29, 2020 just around the corner, we are pleased to share some fun facts about Leap Year with you, along with some special powers to take advantage of our Leap Year Tuition Special, which ends (you guessed it) on February 29!
Take in One of the World’s Eight Wonders: RSVP for DAC Acuity by February 29!
RSVP now to attend Canada’s premiere and longest running strategic conference for professionals in the tax, bookkeeping and financial services and lock in low tuition rates available to you - our very best clients - before the end of this month. But hurry, those rates will rise on March 1, and as always, you are welcome to custom-design your payment plan.
Tax Season 2020: Refunds Not Likely Before March
Filing a tax return is the first (and often most important) financial transaction of the year for most Canadian families. While Canadians love their tax refunds, they won’t start flowing this year until March, as CRA won’t accept your E-filed returns until Monday, February 24 and refunds likely won’t flow until at least March this year. Reality check: tax refunds are a poor financial planning strategy.
