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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:

January Poll

Given the financial stress people are under during the second wave, should governments suspend audit activities and waive penalties and interest in 2021?
Yes: 230 votes
73.48%
No: 83 votes
26.52%
 

Cast Your Vote

Emergency Response Benefit Complexity: New Info Released

In the midst of many provinces facing increased lockdown measures, the CRA has released new information, documentation and resources about Canada Emergency Response Benefit repayment and taxation. It has the potential to both aid and add to the complexity and confusion many are facing, particularly when it comes to the CERB.  Here is what you need to know:

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Are Employees Taxed on Cell Phone Use?

Employees who use a cell phone in their work may be wondering about claiming costs as an employment expense.  CRA has some very complex rules to accompany the issue and  both employers and employees should be aware of them.  Here is a primer:

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Ear to the Ground: Financial Pros on Canada’s Economic Recovery

It turns out that the 74% of our December poll respondents who answered no to our question “Do you think that Canada is headed towards strong economic recovery in 2021?” were right: Canada is not yet poised for a strong economic recovery.  We’ll report on some of their reasons why, but also take note of new economic data.

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Advanced T1 Tax Update: Early-Bird Registration Ends Jan 15

Are you training new and returning staff working in independent tax filing firms? Perhaps you are  a CPA in public practice, a financial advisor, public trustee, legal or financial assistant, municipal officer, payroll or software company serving individuals and business owners with tax compliance?  Then don’t miss Knowledge Bureau’s acclaimed Advanced T1 Tax Update 2021 for 2020 T1 Returns.  Here’s what’s new in our innovative offerings this year:

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Differentiate Yourself as a Real Wealth Manager

With the dramatic increase in online transactions and digital solutions, and the challenges and opportunities presented by the pandemic, clients require more frequent professional communications, improved collaboration between their financial professionals and more efficient processes in building wealth with all family stakeholders in a highly complex tax and investment environment. Differentiate yourself as a Real Wealth Manager™ to help with high value professional skills. Consider the following:

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