Bill C-31: Royal Asset and New CRA Powers Could Come Soon
Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:Know Your Cross-Border Client: Avoiding Tax Consequences and Liabilities
Canada-US relations have been strained for a variety of reasons, but recently private business owners received what could be a very costly surprise. New guidelines outlined by the I.R.S. for the Transition/Repatriation Tax will take a toll on Canadians with U.S. or dual citizenship who have businesses incorporated in Canada: expect to owe even more tax.
Relationship Management: Advisory Can Help Feuding Couples
A recent Fidelity Investment report points out that debt is one of the biggest issues that drives couples apart, with 36 percent saying that money is their biggest marital hurdle. But many couples also struggle to communicate about financial matters that could lead to repercussions down the road. The help of astute tax and financial advisors is critical.
Cyber-Attacks Increase 80%: Dr. Michael Geist Addresses the Risks at DAC
Cyber-security has been the subject of daily political news on the world stage, but it hits close to home, too. In 2017, the Federal Conduct Authority (FCA) in the U.K. reported that cyber-attacks in the financial sector increased by 80 percent. Managing this critical risk is the subject of a riveting keynote at this fall’s Distinguished Advisor Conference (DAC) in Quebec City by esteemed columnist and Internet and E-Commerce Law Research Chair, Dr. Michael Geist.
Non-Residents in the Family: What’s the CRA’s Take?
Summertime is family time; but it is also the time of year when people prepare for big life changes taking place in the fall. Young adults make plans to work abroad, travel or go to school and empty-nesters journey to warmer climates. However, non-residency comes with tax consequences, so a visit to a tax advisor should be part of your travel preparation.
Housing Affordability: Borrowers Take a Hit from Rising Interest Rates
The hot housing market (especially in Vancouver and Toronto) has long thwarted home ownership dreams for many Canadians. In fact, RBC’s July report on housing trends and affordability reveals that the average Canadian household requires almost half its total income to cover home ownership costs.
Value-Based Education Matters to Advisors: Invest in Summer Training
According to this year’s Report Card on Banks from Investment Executive, tax and financial advisors place significant value on professional education, and have increased job satisfaction when ongoing educational opportunities are provided to them by their employers. This comes as no surprise at a time when it’s becoming more important than ever to transition from transactional processes, to holistic advice- and relationship-driven practices.
