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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:

March 2023 Poll

The average refund for the first filing month, February, 2023 was $2,295. Should CRA cut back on withholding tax requirements?
Yes: 40 votes
No: 66 votes

Cast Your Vote

Special Report on the March 28, 2023 Federal Budget

The Special Report on the 2023 Federal Budget is a Knowledge Bureau subscriber exclusive!

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Top Tax Tips for Filing 2022 Returns

It is indeed that time of the year: tax season is upon us and there is lots of tax news for those just starting their 2022 T1.  With just under 5 million tax returns already filed by mid March, the average refund is just under $2,200 and the average balance  just under $4,500.  Here’s my top picks for tax tips you need to know to maximize your entitlements:

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Not Staying:  Ontario Staycation Tax Credit

Be sure to claim the Ontario staycation tax credit on your 2022 tax return because it’s not staying:  the Ontario government announced its demise for future filers last December.  Here’s what you need to know to get it right for 2022:

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Claim Tuition Fees as a Deduction, Credit or Canada Training Credit

Taking a Knowledge Bureau certificate course this year?  It will be tax deductible as a training expense if you are self-employed.  But there may also be an opportunity for you to tap into a $1,000 Canada Training Credit if you are claiming the tuition fee credit.  For those who qualified in 2022, the amount was $750.  Here’s what you need to know:

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HOT OFF THE PRESS! Canada’s Most Up-to-Date Personal Income Tax Course

Now available…Canada’s most up-to-date personal income tax course! The newly released Introduction to Personal Income Tax course features new assignments using professional tax software for 2022 tax returns. PLUS, get a complete update to the March 28 Federal Budget. Take advantage of our income tax course until March 31: only $495 (save $400 on tuition)*

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