Advanced Income Tax Rulings

The federal government has taken steps recently to attract more investment in Canada. That’s sure to create some new tax questions that require Advanced Income Tax Rulings (AITR). A new measure to facilitate a faster response was announced on September 14 and is intended to attract business investment of large amounts. Specifically, for investments of $1 billion or more, the CRA will prioritize advance income tax rulings. The measure took effect the day it was announced. Here’s what you need to know:

One controversial change o in the the November 21, 2018 economic statement was the proposal to provide taxpayers with a charitable donation credit for monetary gifts to non-profit journalism organizations. We asked tax and financial professionals their opinion on this hot topic: 78% of those who responded to Knowledge Bureau Report’s December poll voted to oppose this measure, hands down, even at a giving time of year.

Ruth Horst from Hamilton, Ontario specializes in personal income tax filing and, as the early-bird registration deadline for this year’s CE Summit personal income tax update draws near, she shares how these workshops have provided important benefits to her role.

A new book by Jenifer Bartman and Evelyn Jacks will be released next week by Knowledge Bureau. It addresses a common family secret that plagues millions of Canadians from coast to coast: what to do with the family business time bomb at a time when boomers are contemplating retirement.

The desire to make a difference is gaining momentum with people of all ages, as individuals see their personal wealth not only as a means to live well, but also as a way to contribute have social impact or create a meaningful legacy. Advisors need to be able to help philanthropic-minded clients convert their wealth into some form of social capital. One option: Donor-Advised funds (DAFs).

On December 13, the second Budget Implementation Act was granted Royal Assent by the House of Commons*, thus giving the green light for Climate Action Incentive payments to offset new carbon taxation programs coming into effect April 1, 2019.

Gift the gift of knowledge throughout 2019! Make increasing your clients’ tax literacy your 2019 new year’s resolution, and share these essential tax moves and audit-busters that will help them in their dealings with the CRA next year.