Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

Don’t miss the Society of Real Wealth Managers next Meeting of the Minds on August 11 at 10:30 am Central Time.  It's a free event to Introduce you to RWMs from coast-to-coast for three reasons: to connect. contribute. collaborate...and share RWM "aha moments"! Here's what you need to know:

Submit the name of your worthy nomination for the DAC New Advisor Award now. The application deadline September 1, 2021. The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services. Here’s what the winner of this prestigious award will receive and how to apply:

Knowledge Bureau Designates: your professionalism matters to your clients. Your achievements are also an inspiration to the thousands of undergrads inn Knowledge Bureau program from coast to coast.  But, the grace period for relicensing ends August 31!  Make sure to maximize your investment in your credentials. Send along your Attestation to Standards of Conduct now. Check out the handy Q&A Relicensing Guide below or call us for help: 1-866-953-4769.  Here’s what you need to know:

The April 19, 2021 Federal Budget has received Royal Assent, and one important change will bring much needed help to a million more low income Canadians: the expansion to Canada’s Workers Benefit (CWB).  The expanded annual benefit, which provides up to $1,400 for single workers without children and $2,400 per family, will now be accessible to 3.2 million people. Here are the details.

Why is tax efficiency so important in planning for future financial peace of mind?  Because it increases the present value of income; which has the potential of earning more income and value over the longer savings horizon. Tax and investment advisors can provide invaluable assistance especially to those clients under age 45, who lag behind in their RRSP contributions. 

On June 29, an important private member’s bill received Royal Assent. It addresses the thorny issue of intergenerational transfers of family farms and fisheries. These changes will provide more surety for those in the farming and fishing industries to enable capital gains treatment on intergenerational transfers; tax treatment aligned with sales to unrelated parties.