Real Tax News You Can Use with Evelyn Jacks

In this week's episode we discuss:

- Important Tax Filing Deadlines

- Reviewing T4 Slips: Why Filing Too Early Can Result in Penalties

- Who Should Be Paying Quarterly Tax Instalments?

- Maximizing RRSP, TFSA, FHSA Investments: What Comes First?

- Leveraging Your Tax Refund: How Much Should You Set Aside?

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Learn more here:

Canada's Income Tax Fundamentals Course

DMA - Personal Tax Services Specialist

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In this week's episode, we discuss:

- Federal government's budget consultation process.

- How can we access these consultations?

- What should we expect from our government?

- What options do seniors or those with disabilities have?

- Medical expense claims.

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This week on Real Tax News find out 

• Why filing a tax return can be the most important financial transaction of the year for some families, 
• How to begin your wealth journey with your tax refund 
• Bonus:  How to avoid the anti-flipping tax when you sell your home

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Is it taxable or not?  Find out why CRA says yes – even though the Finance Minister said no.  PLUS – Understanding the Burden of Proof. 

In this week's episode we discuss Capital Gains taxes in Canada and the latest changes that will affect taxpayers. 

Learn how to navigate times of uncertainty and how to pay as little taxes as possible.

If you are a resident of Canada, you must file a tax return. Most Canadians overpay each year. Discover tax tips to file audit proof tax returns, avoid penalties, and make sure you are reporting properly. 

Understand when you have to file and when you want to file.

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Knowledge Bureau Report Podcast

With bestselling tax author Evelyn Jacks and host Geoff Currier

Real Tax News People Need To Know  

Episode #1  

It’s been quite the journey for taxpayers who own assets like cottages and businesses.  In this first episode of Real Tax News find out the latest PLUS the Definition of True Wealth.

In this episode of the Knowledge Bureau Report, we dive into essential information that can significantly affect how Canadians approach their tax returns. One of the overarching themes of this episode is the growing complexity of the Canadian tax system. With Evelyn Jacks, a leading expert in Canadian taxes, we explore the profound changes that have taken place over the decades, making tax filing an increasingly daunting task for many. It’s crucial for both taxpayers and tax professionals to stay abreast of these changes in the Tax Act, as this directly influences the advice they offer and the returns that are filed. In particular, we discuss practical strategies for tax mitigation and the importance of understanding both refundable and non-refundable tax credits, which are often overlooked.

The episode touches on how the tax form’s length has doubled over the years, now housing more schedules and aggravating the complexities of tax filing. Evelyn emphasizes how this intricate landscape requires diligent tax planning to ensure individuals maximize their potential refunds while also managing their tax burdens effectively. Failing to recognize available tax credits can mean leaving significant amounts of money on the table. Taxpayers must understand how to leverage credits and deductions related to medical expenses, child care, and charitable donations to ensure they’re benefiting from everything the tax system has to offer.

Moreover, we discuss the recent changes regarding charitable donations. The Government of Canada has extended the donation deadline to February 28th for specific cash donations, allowing more time for Canadians to contribute to charities. This extension is particularly relevant in light of recent postal disruptions which hindered charities' abilities to reach donors. Evelyn stresses the importance of this extension, given that it doesn’t apply to gifts in kind, such as food or furniture donations. Hence, it urges listeners to contribute generously before the new deadline to help their chosen causes.

The podcast doesn’t shy away from more contentious topics either, like the recent capital gains inclusion rate hike that was proposed but has been postponed until January 1, 2026. This incited considerable confusion, particularly as there are uncertainties regarding its legislative approval. Taxpayers must remain informed about these adjustments, especially when significant financial transactions occur, and understanding these nuances could mean substantial savings.

Finally, we delve into the implications of the carbon tax on small businesses. As carbon pricing continues to evolve amidst political uncertainty, small businesses must grasp how this affects their tax obligations. With new legislative changes in how carbon rebates are administered, it remains essential to translate acronyms and policy language into actionable insights that small business owners can utilize effectively.

If you want to take charge of your tax experiences, visit Knowledge Bureau for educational opportunities. 

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