Missing in Action: Tax Credit For Minor Children

Something’s been missing on your tax return since 2015 and that’s the non-refundable tax credit for minor children. It was canceled in favor of the enhanced Universal Child Care Benefit and the new Family Tax Cut. Both those provisions have since been canceled in favor of the new Canada Child Benefit.

T1 Filing: 29 Million Expected; Only 15 Million Filed So Far

Things must be gearing up for a really busy week in tax accounting offices since the CRA has only received half the returns it is expecting for the 2017 tax filing year. It’s estimated that there will be 29 million tax returns filed this year. Is a big rush still to come before the May 1 deadline? In a word, yes.

Tax Fraud Could Cost Stock Promoter Plenty

Be warned that the CRA is taking tax avoidance and tax evasion more seriously than ever. The federal budget funded increased verification activities, additional auditors and specialists focused on the underground economy. A major focus of the CRA Criminal Investigations program has also targeted sophisticated taxpayers and promoters of schemes.

Professional Care to Become More Important as Clients Age

How do you define great advice? What services do you need to receive from your advisor that would compel you to recommend them to your friends and associates? In the tax business, that particular sweet spot occurs when the client says thanks and “see you next year.” But what happens to the standards of professional advice when a client’s health changes? Consider the following true-to-life scenario as an example. 

Spotlight on Canadian Financial Authors: Rick Atkinson

In celebration of Canada’s 150th year, Knowledge Bureau is pleased to put the spotlight on Canadian Financial Authors. This week: Rick Atkinson discusses Time Management – A Critical Retirement Skill.

Last chance! Enter the Financial Trivia Contest to Win Free Registration to the DAC

How’s your luck? Give it a try for a chance to win a free registration to the Distinguished Advisor Conference (DAC) in the spectacular wine country of BC.

DAW: Cross Border Tax and Continuity Planning with Business Owners On Tap

The Federal Budget has put an emphasis on positioning Canada for success in the innovation economy of tomorrow. With so many businesses poised to change hands soon, advisors must be thinking about preparing the next generation of leaders for the new economy, despite disruptive trends and significant tax changes. The continuity, and even survival, of these companies could depend on your help.
 
 

2017 Federal Budget

 
 
Knowledge Bureau Poll Question

Do you agree with the 2017 Budget proposal to cancel the deferral of Work in Progress for accountants, doctors, lawyers and other professionals?

  • Yes
    36 votes
    25.35%
  • No
    106 votes
    74.65%