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:

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?

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.

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...

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:

Navigating the complex detail of the emergency pandemic response benefits has been a complex process for businesses and individuals alike. We’re here to clear up some of the frequently asked questions about the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Response Benefit (CERB) and help you sort through sort through the chaotic myriad of the benefits and their tax-audit pitfalls.

Today is the day that Canadians who qualify should have received their OAS and CPP government benefits and the next payment is June 26.  But a new tax-free benefit of $300 will also arrive soon.