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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.

This Week’s Edition of KBR:

October 2023 Poll

In your opinion, is the Climate Action Incentive Payment enough to offset the rising cost of carbon taxes?
Yes: 0 votes
No: 2 votes

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Millennials and Bankruptcy

The Millennials, children of Boomers and GenX, parents of the Alpha Gen, are the fastest growing population in Canada, at 33.2%, and are part of the cohort that is the median age in Canada in 2023:  41 years. A recent study found millennials were 1.4 times more likely to file for insolvency than Gen X aged 42 to 56, and 1.7 times more likely than baby boomers aged 57 to 76. Insolvent millennials were on average 33 years old and owed an average of $47,283 in unsecured debt. They need financial planning help, especially to understand their continued access to refundable benefits.

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How to Reduce Interest and Penalties at CRA

It goes without saying the filing tax returns and elections on time will help taxpayers prevent the punitive late filing penalties.  But, if the filing deadline has passed, look to the Voluntary Disclosure Program to see if you qualify to reduce penalties when late filing.  And then, if a return has been filed late, look to the Taxpayer Relief program to see if you qualify for tax foregiveess. The following are a summary of the programs.

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Year End Tax Tip: Write Off Your Digital News Subscription

Did you know that effective starting in 2020 and before 2025, it’s possible to write off your digital news subscription as a non-refundable tax credit?  Did you miss writing it off in the past couple of years?  You can adjust your tax returns back to 2020 and get a tax refund.  Here are the details:

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Poll Results: Canadians Lack Trust with CRA

We asked tax and financial professionals whether they believe Canadians have trust in their tax department, and surprisingly over 75% said no. Do you agree? Check out some of the many interesting comments we received.  

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Get Tax Season Ready with a CE Summits Duo

There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for investors and owner managers. Are you prepared to help? Take a duo of CE Summits with Knowledge Bureau this November and January and get the tools you need to help a variety of client profiles. Plus, you save on tuition with a Duo CE Summit Event Pass!

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