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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:

This Month’s Poll

According to CRA, Canadians experience improved service delivery and responsiveness from the CRA this tax season Do you agree?
Yes: 2 votes
11.11%
No: 16 votes
88.89%
 

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Real Tax News

The Last of the Provincial Budgets Announced

The last of the provincial budgets have been brought down over the last month.  Here’s a summary of the good news (tax changes) and the bad (big deficits). 

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KBR Poll: Should the OAS Clawback Start at a Lower Income Level?

The question of whether the Old Age Security (OAS) clawback should begin at a lower income than the current $93,454 threshold generated strong and varied reactions from the Knowledge Bureau community with 19% saying “yes” and the vast majority - 81% -  saying no. Many respondents were firmly opposed to lowering the threshold, with some expressing strong frustration at the idea of penalizing those who have saved for retirement:

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Estate Planning at Death: For Business Owners, It’s Complex

Estate planning at death remains one of the most complex—and highest risk—areas for clients and an areas of increasing demand for service from tax and financial advisors.  With evolving trust rules, increased reporting requirements, and the need to coordinate corporate and personal tax strategies, the margin for error is small, and the stakes are high. At the May 27 CE Savvy Summit, Leanne Rodrigo will lead a detailed session on “Estate Planning on Death of a Taxpayer,” focusing on the practical realities advisors face when working with business owners and their families.  Here’s what you’ll learn and why you should register by May 13 (to save money as an early bird!). 

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Connect, Contribute and Collaborate with the Society of Distinugished Designates at the Manitoba Club

As technology, regulation, and client expectations rapidly evolve, the role of the distinguished advisor is changing too. AI agents, CRA digitization, and increasingly complex client needs are reshaping the future of tax, accounting, and wealth advisory services. Join fellow professionals and leaders for an interactive discussion on how to evolve your practice beyond transactional work into deeper, year-round inter-advisory relationships that deliver greater value to clients and stronger opportunities for growth.

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Fuel Excise Tax on Hold But Inflation is Not

The U.S.-Israel war on Iran has thrown global oil prices into turmoil and there is plenty of fallout for consumers. Travelling to Europe this summer? That’s in jeopardy, as jet fuel may run out.  Looking for relief at the pumps instead? The recently announced suspended federal excise tax on gasoline, unleaded aviation gasoline, diesel fuel and aviation fuel here in Canada will soften the blow, but only temporarily: it will be zero from April 20 to September 7, 2026. Here’s what you need to know:

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