CRA’s Callback Service for Tax Pros Pilot

Are you a tax professional with years of experience? Have you ever felt frustrated after calling the CRA, having spent hours on hold, wasting your client’s or employer’s time, only to speak to CRA agents who aren’t qualified to answer your questions? The Auditor General of Canada was equally displeased in a scathing report last fall on wait times and accuracy levels at the CRA. Now a new CRA callback service may come to the rescue this tax season. Here is my experience with the pilot project so far:

In one of our most popular polls to date, the “no” side is winning the opinion poll; but it is in their comments that some astute insights are emerging.  What’s your take on this question: “In the last election, some parties suggested an increase to the capital gains inclusion rate to 75% or more as the best way to raise new money to pay down the government debt. Do you agree?”. Here is just some of the feedback shared so far:

Limited recourse capital notes (“LCRN”) are yielding some impressive coupon payments.  LCRNs are a new and complicated hybrid security.  This article will provide preliminary Canadian federal income taxation information as it discusses the tax treatment for third-party investors by investing in LCRNs. 

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.