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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

In your opinion, is the new $931 enhancement to the federal Basic Personal Amount for those with incomes under $150,473 an improvement to our tax system?
Yes: 66 votes
No: 120 votes

Cast Your Vote

Break It Off: Your Relationship with the Tax Collector

It can be very expensive to owe money to the CRA and it’s the one debt that must be given priority over others. That’s because CRA has significant powers to enforce payment of taxes, levy penalties and interest, which includes garnishment of wages and seizure of assets. This can obviously impact other financial obligations, so here is what you need to know to break up with the tax collector.

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Business Owners Lack CRA Support on New CCA Rules

The CRA receives a “D” mark!  According to a new report by CFIB, the quality of the information and phone support the CRA is extending to Canadian business owners has worsened, despite the agency’s goals to increase service standards. One of the biggest issues: failure to understand the new Capital Cost Allowance rules which have been in place since late 2018.

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Changes to Employee Stock Options Won’t Happen Yet

Tax changes to employee stock options were supposed to come into effect on January 1, 2020, and thanks to feedback collected from Canadian businesses in a consultation that ended in September, the implementation of these measures has now been delayed. Tax and compensation planning should take place before these new rules come into effect.

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The Clock is Ticking: Last Chance to Register for the Advanced Tax Update

If you are a tax, bookkeeping or financial advisor looking to sharpen your technical tax knowledge to accurately prepare personal tax returns or provide sound financial planning advice this tax season, don’t miss Canada’s most comprehensive T1 Advanced Tax Update. Besides the comprehensive 330-page course, CE Summit attendees receive a three-month subscription to EverGreen Explanatory Notes, and a full day of peer-to-peer training with expert instructors.  It’s an outstanding value dedicated to enhancing your value proposition.

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Celebrating Newly Graduated DFA-Tax and Bookkeeping Services Specialists™

Join us in celebrating our 2019 graduates who completed their DFA-Tax Services Specialist™ and DFA-Bookkeeping Services Specialist™ designation programs. Knowledge Bureau is so proud of your achievements and we look forward to sharing knowledge with you in 2020.

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