Help & Contact: 1 866 953 4769
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.
October 2025 Poll
Do you believe SimpleFile, CRA’s newly revamped automated tax system, will help more Canadians access tax benefits and comply with the tax system?
Do Seniors Pay Too Much Tax?
Important news for tax and financial advisors: the over 65 demographic may not be as affluent as some might think; yet they still pay a lot of income tax. Canadian seniors sent just over $58 billion to the government in the form of income taxes in 2023, the last year for which statistics are available. It works out to an average of more than $12,000 per person. It leaves the average after tax income for those over 65 in Canada at just over $45,000.
Interest Rates to Drop, Planning Opportunities Emerge
The Bank of Canada has reduced its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%. This is the first interest rate cut by the Bank since March. It comes in the wake of higher unemployment, a reduction of 1.5% in Canada’s GDP in the second quarter and indicators that global economic growth is slowing. With lower inflation risk, the cut was deemed appropriate to “better balance the risks.” From a planning point of view, this may indicate an emerging income splitting opportunity.
Return On Investment or Return on Life?
On September 25 at 11 a.m. CT, financial professionals and thought leaders will come together for a powerful Meeting of the Minds session: “ROI or ROL: Redefining What Real Wealth Means to You.” This event will explore a transformative shift in wealth management: moving beyond ROI (Return on Investment) to ROL (Return on Life) — aligning financial strategies with clients’ life purpose and helping them achieve true peace of mind. This 1-hr complimentary virtual event will feature a panel that will tackle 5 key questions, outlined below.
The Tuition Tax Credit: Benefits for Both Mature and Young Students
In Canada, pursuing post-secondary education can be expensive, but there are valuable tax relief measures to help ease the financial burden. One of the most important is the Tuition Tax Credit, which remains available even though education and textbook amounts were eliminated for tax years after 2016. For students of all ages, this credit can make education more affordable and help reduce income tax owing.
Heralding and Embracing Change: Transforming Lives Through Financial Planning
At Acuity 2025, Tony Mahabir, MBA, CMC, CIM, RRC, RWM, CFP, FDFS™, CEO and Private Wealth Manager, will lead a session titled “Heralding and Embracing Change.” A repeat motivational speaker, Mahabir at the annual conference for Distinguished Advisors, focuses on how financial planning can transform lives—especially in times of uncertainty.
