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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:

September Poll

Do you believe the top federal tax rate should rise above 33% on income over $216,511 to help pay down the debt? Please explain.
Yes: 132 votes
42.58%
No: 178 votes
57.42%
 

Cast Your Vote

Election Signals Higher Taxes for Some and a Boutique of Tax Credits for Others

Still in a health care emergency that in the short term continues to cloud economic recovery, Canada’s new minority Liberal Government will lead the country through the next phase of the pandemic and into what well could be a period of higher inflation, interest raters and taxes. 

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The Accounting Place is Hiring

The Accounting Place is hiring!  We currently are looking for an experienced full-time permanent Tax Specialist to work in our office located in Stoney Creek, ON.  For full details and to apply for this position, please visit our website.

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The Principal Residence Exemption, Part 1: The Basics

Advisors should be aware of the definition of principal residence and the Canadian tax implications regarding the sale of a principal residence. Awareness of the provisions outlined in this article will provide detailed information about qualifying for the principal residence exemption and calculating the optimal time to dispose of capital real property. This is part 1 of a 3 part series on the topic.

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Thought Leadership on Canada’s Tax Competitiveness

While it may be politically popular to consider raising corporate tax rates, it is the opposite that may be needed to get back to economic health in Canada. At least according to the authors of a new report on tax competitiveness, Philip Bazel and Dr. Jack Mintz who will share wisdoms on October 18 at DAC Acuity 2021. The report, entitled “2020 Tax Competitiveness Report: Canada's Investment Challenge” share some startling facts about Canada’s current economic malaise and offers solutions:

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Real Life: Changes Required to Update the Disability Amount

It’s a lucrative non-refundable tax credit many people miss out on, particularly those who are younger. The Disability Tax Credit has a real dollar value of about $1300 on the federal return for 2021.  The provision, however, may not be claimable, if long term care home costs over $10,000 are claimed as medical expenses.  Advocates for those who have suffered catastrophic disabilities believe neither of these tax provisions adequately reflect the economic hardship the individual and families endures in these cases. A true story from Knowledge Bureau Faculty Member Kareen Rekowski follows:

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