Podcast: Automatic Tax Filing - Will It Work?

Last week Taxpayers' Ombudsperson François Boileau  tabled his annual report:  In Pursuit of Better Service: Taxpayers Deserve More.  once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years.  Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution.  A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive.  Consider the following:

There are some important reasons to talk to your clients over the next 10 days, from a tax point of view. Advisors who want to enhance their value propositions will want to discuss the 16 tax compliance and planning milestones that may impact their finances now until the end of the year.

September marks the start of a new school year. Please be sure you mark your educational calendar for continuing professional development and staff training needs this fall. For your clients, consider the tax filing milestones described above.

If you are new to Knowledge Bureau, it may be important for you to understand the Standards of Conduct and Proficiencies we have for our esteemed designates who are professionals in their fields.

Inflation rose in June and again in July to reach the Bank of Canada’s 2% target inflation rate for the second time in the second consecutive quarter. Why is that important? This article explores the effect of inflation and taxes on prices and asset values, as well as why savers and their team of advisors from the tax and financial services need to pay attention at a time when recession fears are rising.

When someone in the family is very sick – and markedly restricted in their daily living activities — the tax system can help with some financial relief to pay for the costs of care. One of the most lucrative of the various tax provisions is the Disability Tax Credit (DTC). In fact, it can amount to over $2,000 a year in some cases. But, claiming it is subject to significant scrutiny by the CRA, so it’s worth a trip to see a DFA-Tax Services Specialist™ for help. Here’s what you need to know:

Just over 2 million Canadians are enrolled in post-secondary schools in Canada and about half of them incur debt to get through school. According to a recent survey by Maclean's magazine, nearly two thirds of them don't have an RESP.  Fortunately, at least a third of them do. Here's how withdrawals from an RESP work: