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:

Knowledge Bureau’s got your back to help you continue your professional development during any pandemic downtime. Train or retrain new staff. Existing students: If you need more time, call us and we’ll extend your study time at no extra charge.

Knowledge Bureau wants to hear from you on how you are managing the coronavirus with your staff and clients. Today we hear from The Accounting Place and their response to the Pandemic.

What’s new in tax filing season 2020 now that it’s officially underway? There is $1 billion in uncashed cheques at CRA for 7.6 million people; paper-filed returns have been sent to 1.7 million people; plus, one more important detail that hasn’t had a lot of attention yet. That is, the tax return is 8-pages long this year!

Is wealth preservation important as demographics change dramatically over the next 15 to 20 years in Canada? Or are today’s taxing requirements so great that governments need to tap into wealth accumulation immediately? Those are a few of the tax policy questions to be answered as federal and provincial budget season arrives in Canada this month. A recent federal government report provides some good clues as to what may lie ahead.

Canadians have a unique perspective on tax refunds – they seem to love them! Taxpayers have the tendency to use the refund as a savings strategy, according to our February poll. It’s something the pros don’t necessarily agree with, but 75% of them felt that reducing tax withholdings would have no benefit in helping Canadians manage their money.

Do you know why we celebrate St. Patrick’s Day as a day of luck and good fortune? We’re pleased to share some fun facts and folklore about the luck o’ the Irish and extend a lucky charm to you: a special tuition offer.