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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:

May 2022 Poll

Should the tax filing deadline be extended for all taxpayer to June 15?
Yes: 165 votes
50%
No: 165 votes
50%
 

Cast Your Vote

July 2022: A Raise for Older OAS Recipients

Were you born before July 1, 1947?  It’s an important question to ask all your senior clients because they are in for a raise in their OAS benefits this year.  The government announced an increase to Old Age Security by 10% for seniors over age 74, starting with the July 2022 benefit year.  Eligibility is based on several criteria including individual net income on the 2021 tax return.   Here are some additional details about the program, excerpted from Knowledge Bureau’s Advanced Retirement and Estate Planning Course, now available.

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In a Digital World, Average Tax Refunds on the Rise

The latest tax season filing statistics from CRA show that tax refunds have risen even higher now that more Canadians have filed. Out of the 27.1 million filed, 15,345, 235 refunds were issued, averaging $1,994. That’s a lot of taxpayer money being held onto by the CRA, and an important opportunity for tax professionals to focus on tax-efficiency to reduce these withholdings now!  Further, only 7% of returns are now being filed on paper.  Here are more interesting tax facts:

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Save Receipts Now: New Mobility Tax Credit

The 2022 Federal Budget announced that, beginning in 2022, eligible workers will be able to deduct up to $4,000 per year for eligible expenses.  This provision is part of the April 7, 2022 Federal Budget Bill C-19, tabled on April 28.   Are you speaking to your clients about saving their receipts now?  Here are details you need to share:

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DAC Acuity 2022: Join Us in Visiting Niagara’s Hidden Gems!

Finally – it’s live and in person – Canada’s Top Edutainment Event!  Virtual DAC has been fun, but we’re so excited to be seeing you again October 16-18 in Niagara Falls for this year’s DAC Acuity Conference! Past attendees know that DAC is an edutainment experience like no other, so we’re kicking it off early.  Join us for the weekend for wine tasting tours, golf and world class dining amongst other great events before the conference starts.  Sign up now for best registration, flight and hotel rates and then experience one of the Seven Wonders of the World -  all of Niagara’s hidden gems together with new networking opportunities with your peers.  Here’s how:

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Robert Fife: Transformative Leadership for Canada at DAC 2022

You don’t want to miss the Ottawa Bureau Chief of the Globe and Mail, Mr. Robert Fife at the DAC Conference October 16-18 in Niagara Falls. Robert will be speaking to the topic: “Help Wanted – Transformative Leadership for Canada”. Enrol by May 31 for early-bird tuition savings, to experience the thought leadership of Robert Fife and more  - live and in person!

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