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:

With the 2018 legalization of marijuana in Canada, more taxpayers may wish to claim their purchase as a medical expense. That may be possible, but there are rules to follow to pass a CRA audit test. 

When it comes to long-term care planning, as a trusted intermediary you can help aging clients and those with declining cognitive function. It’s a difficult topic to discuss, but wills are an important part of the continuity planning conversation. Learn how to help clients avoid undue influence during this process, while ensuring that estate plans are properly executed.

Business owners may believe they “have it all figured out” in planning for the future sale of their business, which can bring a false sense of security at the worst possible time. It’s a topic addressed by authors Evelyn Jacks and Jenifer Bartman in their new book Defusing the Family Business Time Bomb.

On February 12, the simplified method rates for calculating deductible auto and meal expenses for various important provisions on the 2018 tax return were finally released by the CRA. It’s an important missing piece for tax professionals and taxpayers alike, that in prior years was generally released in January.

Here’s a unique way to share some love with your sweetheart: make a spousal RRSP contribution by March 1. It’s a gift that’s a win-win to help secure your financial future together. Even better, it’s you, the contributor, who gets the RRSP deduction. Whether you have a spouse or common-law partner, here are six basic tips to know:

The Internal Revenue Service (IRS) is operating again after a lengthy shutdown of the U.S. federal government that began in December 2018.  A tentative deal was negotiated* late on Tuesday to avert yet another one. Still, Canadians with cross-border tax obligations should understand the specific implications of government shutdowns - like that of the IRS - and the backlogs they cause, and plan accordingly with their tax filing specialists.