No More Sworn Testimony, But Audits Are Still Stress Inducing
“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:Manage Risk for Small Business Owners
Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. You'll learn effective audit defence methods for managing the tax risk of your small business owner clients. Act by the September 15 enrolment deadline and save your seat to learn how to help small business owners before tax season starts!
Tuition Bonus: Train Your Staff, Simplify Your Efforts, Get Better Results
It’s back to Professional Development School for Knowledge Bureau Alumni, with a special incentive: a super enrolment bonus of $100 off your single course tuition, in addition to VIP Grad Bonuses. But you must register by September 15. Check out the newly updated courses and programs and take a free, guided “Orientation Tour” of the Knowledge Bureau Virtual Campus. Now is the right time to train your staff, simplify your efforts, and get better results with a world class tax, bookkeeping or financial education, only from Knowledge Bureau.
The Limitation Period: Providing Taxpayer Certainty for Tax Audit Risk
When can a taxpayer feel certain that their liability to tax will not change for a taxation year or period? It’s an important question to discuss with clients seeking reassurance on their future tax risk. In fact, limitation periods under the Income Tax Act and Excise Tax Act (HST/GST) provide a level of certainty for taxpayers regarding their liability to tax.
Investors: How to Stay Out of Audit Trouble with TFSAs
The TFSA is an excellent savings vehicle for a variety of purposes including saving for large, long term purposes or providing an emergency fund. But there are some restrictions about the type of assets that can be held in this plan, and how often you can trade them, something advisors and clients will want to chat about to avoid a tax audit problem.
How to Determine Whether a Gain is Income or Capital?
Your client has just flipped a principle residence, sold a speculative piece of property or traded frequently in his or her TFSA. Is this a business transaction, a capital gain or an exempt transaction? In order to determine whether a gain is of income or capital nature, there is no determinative test. However, there are some clues to follow in anticipating the tax outcome and an important precedent-setting case.
DAC Sneak Peek: Meet Our Speakers & This Year’s DAC-in-a-Box
The experience at this year’s Virtual DAC Acuity Conference may just beat out last year’s – which the Globe and Mail touted as one of Canada’s most innovative virtual conferences. Check out this sneak peek through our new speaker videos and DAC-in-a-Box program guide, and then enrol by September 30 to take advantage of early-bird tuition prices.
