New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

Society of RWM membership renewals are due December 31 for existing members and include Knowledge Net Tools and Calculators and relicensing fees for the continuation of use of the RWM™ designation.  New members are now being invited to join, too, and the benefits are significant. 

There is an important, front line role tax professionals can take to help devastated flood victims with tax relief, effective immediately.  CRA issued a statement on November 30 encouraging residents of BC affected by the flooding to request taxpayer relief if it affects their ability to pay their taxes on time. However, any taxpayer who is experiencing hardship may want to discuss a relief request, especially if errors or omissions that have lead to missed refunds or benefits.  Here’s an overview on two important relief options available:

Did you know that over 100,000 Canadian workers are in the gig economy? These important new growth engines in the economy are often people who are dissatisfied with their current work experience.  However, as new entrepreneurs, they need professional guidance from tax and financial advisors to survive and growth.  Plus, they may soon be paying EI premiums too.  It’s a good space to get into if you are in the business of attracting new clients to your practice.  Here’s why: 

Our November Poll asked our readers to reflect on the tax consequences of deemed dispositions on terminal returns, specifically for RPP pension recipients and over 75% were in agreement with this question:   “Registered Pension Plan contributions are added to income in full on final returns of singles or widows/widowers. Would it be fairer to average this lump sum over the 24-month period prior to death?”  Some of your comments follow:

The First Annual Virtual Pension Conference for CCPCs hosted by Knowledge Bureau and Integris and sponsored by Richardson Wealth took place on November 30 with rave reviews! Check out some of the golden nugget moments experienced by the event’s virtual attendees.  It might  just inspire you to learn more and share your knowledge with your clients by signing up for the Personal Pension Planning certificate course.

Do you have complex tax questions difficult to find on the CRA website?  Are you too busy for long wait times on the phone with CRA?  At Knowledge Bureau we have a great solution to help you save time and money and answer more tax questions from your clients with confidence.  Plus, it links directly to all pertinent CRA forms, guides, folios, the Income Tax Act and much more!