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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?
Life Purpose
“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” Thomas A. Edison
Missing in Action: Tax Credit For Minor Children
Something’s been missing on your tax return since 2015 and that’s the non-refundable tax credit for minor children. It was canceled in favor of the enhanced Universal Child Care Benefit and the new Family Tax Cut. Both those provisions have since been canceled in favor of the new Canada Child Benefit.
T1 Filing: 29 Million Expected; Only 15 Million Filed So Far
Things must be gearing up for a really busy week in tax accounting offices since the CRA has only received half the returns it is expecting for the 2017 tax filing year. It’s estimated that there will be 29 million tax returns filed this year. Is a big rush still to come before the May 1 deadline? In a word, yes.
Tax Fraud Could Cost Stock Promoter Plenty
Be warned that the CRA is taking tax avoidance and tax evasion more seriously than ever. The federal budget funded increased verification activities, additional auditors and specialists focused on the underground economy. A major focus of the CRA Criminal Investigations program has also targeted sophisticated taxpayers and promoters of schemes.
Professional Care to Become More Important as Clients Age
How do you define great advice? What services do you need to receive from your advisor that would compel you to recommend them to your friends and associates? In the tax business, that particular sweet spot occurs when the client says thanks and “see you next year.” But what happens to the standards of professional advice when a client’s health changes? Consider the following true-to-life scenario as an example.
