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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?
What is the Timeline for Claiming Charitable Donations?
Gifts made by you or your spouse in the current year or in any of the immediately preceding five years can be claimed on this year’s return so long as those donations have not already been claimed.
Charitable Donations – No Receipts, No Credit Claims
In a recent appeal to the Tax Court of Canada (TCC), Emily Sowah argued that the Minister of National Revenue (the Minister) was incorrect in disallowing her charitable tax credit for purported cumulative gifts of $10,252 in the 2006 taxation year.
What is the consequence of debt forgiveness?
If you have a commercial debt obligation—a debt on which interest would have been deductible in computing income from a business or property—and that loan is forgiven, you’ll have a tax consequence.
Clarifying Rules on Qualifying Amalgamations
The Supreme Court of Canada (SCC) recently released its decision in Envision Credit Union v. Canada, a case concerning an amalgamation of two credit unions in British Columbia.
Reporting Earned Interest
Interest income is common to most investors. It can often accrue on a compounding basis (that is, interest is reinvested rather than paid out to the investor during the term of the contract).
