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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.
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?
Analysis of Tax Reforms to Passive Investment Income
Breaking news from Ottawa: The Parliamentary Budget Officer (PBO to follow-up on The Minister of Finance’s July 18 proposals, releasing a new report on November 23.
Avoiding the Tax Consequences of Transferring Assets to Children
The transfer of assets to family members is an important part of retirement and post-retirement planning, as the tax consequences can be enormous. This is especially true now for average families as well as high-net-worth clients, because all final tax returns will carry with them the requirement to report any deemed disposition of a common family asset: the principal residence.
CRA Targets Business PayPal Accounts
Do you or your clients use PayPal for business transactions? Did you report them on your tax return? If not, you’ll want to correct those errors or omissions quickly under the Voluntary Disclosures Program (VDP), because you are in the sights of the CRA. A federal court ordered PayPal to disclose information about all business account holders who received or sent a payment between January 1, 2014, and November 10, 2017.
Debt Management Series: Mortgage Debt Management Matters
As of October 17, 2017 new mortgage rules were introduced that could change the way Canadians approach debt management. Advisors, we’ve prepared this resource to share with your clients so they understand how mortgages play a significant role in debt management strategies.
How Should You Manage CRA Tax Debt?
If you owe money to the CRA, but you can’t pay, what is the best course of action? For example, if you or your clients use Paypal for business and were not previously reporting this income on your tax returns, the new CRA requirements may leave you in a position where you have to pay taxes you weren’t anticipating.
