Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

Canadians have trouble understanding a whole gambit of financial concepts like inflation, interest rates, credit reports, stocks, risk, debt and loans, according to the 2014 Canadian Financial Capability Survey*. In the most recent edition of survey, released November 26, 2019, there are emerging signs of financial stress for some Canadians, especially those who don’t have a budget or financial plan. This week, KBR starts a new series on financial basics to help.

Tax season 2020 will officially begin on February 24, when the CRA opens the gates for electronic filing. Unfortunately, some taxpayers will find themselves with an unwanted tax bill this tax season, whether through an unintentional miscalculation on their original return or because they are misrepresenting themselves on their claims. In either case, there can be expensive consequences. The Voluntary Disclosure Program can help. 

Did you resolve to make your professional development a priority in 2020? January’s not over yet and it’s not too late to start this year out on the right foot! We can help you meet your goals or train staff in your busy office, with a special offer that’s available only until January 31. Chart your pathway to valuable new credentials by taking any two online courses from Knowledge Bureau for only $995. It’s a savings of $395. Learn more:

Looking to get in front of a highly engaged audience of professionals from the tax, bookkeeping and financial services? Speak to us about collaborative partnership opportunities to help you move your brand boldly forward into the 2020s.  Knowledge Bureau is Canada’s leading choice for a multi-stakeholder approach to financial education, and we hope you’ll join us for these outstanding events:

Join us in celebrating our newest graduating class in the RWM™ and the first MFA-P™ designation program. Knowledge Bureau is so proud of your achievements and we look forward following your continued professional successes into the 2020’s.

It can be very expensive to owe money to the CRA and it’s the one debt that must be given priority over others. That’s because CRA has significant powers to enforce payment of taxes, levy penalties and interest, which includes garnishment of wages and seizure of assets. This can obviously impact other financial obligations, so here is what you need to know to break up with the tax collector.