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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 new government’s 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? What are alternatives in your view?
Year-End Planning: Verify Charitable Status
Year-end is charitable giving time, but remembering to verify the tax status of any organization that you intend to donate a considerable sum to is very important as not all benevolent oriented organizations will allow a tax credit under the Income Tax Act. Last month, a hopeless appeal was lost in the Tax Court of Canada, for example.
Tax Free Savings Accounts at Death
If a surviving spouse or common-law partner is designated as a successor holder of the TFSA either in the TFSA contract or in the deceased taxpayer’s will, the successor becomes the owner of the TFSA.
What is a Principal Residence for Tax Purposes?
With the Senate scandal dominating the news, the issue of what is a principal residence for tax purposes seems an appropriate question.
Tax Consequences of Holding a Mortgage
Where a taxpayer has disposed of a capital property and a portion of the proceeds is receivable after the end of the taxation year, the taxpayer may claim a reasonable capital gain reserve for the funds not yet received.
TFSAs: A Part of Sound Year-End Planning
With year-end tax planning now in our thoughts, one investment option to consider is the Tax Free Savings Account (TFSA).
