Where are My Tax Slips? Failure to Report Income is on You
Are you missing the T slips you need to accurately file tax returns this year? It’s CRA’s problem, but the consequence is on the taxpayer. Here’s the backdrop and what you can do to help clients avoid paying penalties and interest for missing slips:The CRA “Gotcha” Crackdown: CERB and CEWS Fraudsters Beware
The CERB auditing has begun. Unfortunately, with a bit of “gotcha” scenario. The CRA is starting to crack down on those who are “misusing” the federal Canadian Emergency Response Benefits by introducing a tip line to report fraudsters. It’s too bad that the CRA has not given the repayment option portals the same fanfare. Tax and financial advisors can help, though.
MIA: 30% of T1 Returns Remain Unfiled
The official extended June 1 tax filing deadline has past, but of course there is an unofficial deadline of September 1 still ahead. No late filing penalties or interest will be charged for those who file by then, so it’s not surprising that T1 tax filing season isn’t truly over yet. In fact, 30% of all T1 returns filed last year are still missing in action.
OAS and GIS COVID-19 Seniors Payments: Not for Everyone
As part of the emergency pandemic assistance programs, a new benefit was introduced for seniors – for some, but not all. Those receiving OAS will receive a $300 one-time payment, and those receiving GIS will receive an additional $200. But do those who chose to postpone their benefits qualify too?
Teach Tax and Financial Literacy: Why That Matters More Than Ever
I had the opportunity to coach one of our Knowledge Bureau instructors this past weekend as she prepared to provide a basic tax and financial literacy lesson to a group of young people. The issue we spent the most time discussing: how to convey and discuss the importance of financial wellness and why that matters especially in these times? The answer required only one word.
Is Canada Doing Enough to Help Small Businesses?
Have governments effectively interpreted the financial effect of the pandemic on small businesses across Canada? It’s a question we asked you last month and we got well over 1000 responses. The answer was a resounding no from 96% of you. Here is what you told us...
Tax Filing Deadline Now September 1?
Who needs to file a 2019 T1 return and when? It’s a question Canadians and their advisors continue to struggle with, as filing deadlines become an ever-moving target. Last Friday (May 22), CRA changed their website to announce they will not charge a late filing penalty as long as the extended June 1 filing deadline is met by September 1. So why file now? Here are some key reasons:
