CRA’s Callback Service for Tax Pros Pilot

Are you a tax professional with years of experience? Have you ever felt frustrated after calling the CRA, having spent hours on hold, wasting your client’s or employer’s time, only to speak to CRA agents who aren’t qualified to answer your questions? The Auditor General of Canada was equally displeased in a scathing report last fall on wait times and accuracy levels at the CRA. Now a new CRA callback service may come to the rescue this tax season. Here is my experience with the pilot project so far:

Knowledge Bureau is pleased to announce that Franklin Templeton Investments will be joining us again as a partner for the 15th annual Distinguished Advisor Conference (DAC) taking place in beautiful, historic Quebec City, November 11-14, 2018. You won’t want to miss two important educational sessions offered by Franklin Templeton.

Exactly when can a claim be made for Guaranteed Income Supplements (GIS)? Many seniors who qualify for Old Age Security may, in fact, be able to make a further claim for the GIS. But there is some income testing to be aware of. Astute tax and financial advisors can help, thereby providing invaluable advice.

Canadian personal debt levels are now at such an alarming level, that most Canadians can’t even comprehend the size of the rising figure: $2 Trillion, as of last week. As part of their best interest duties to clients, financial advisors need to broach this uncomfortable subject, as things could get worse in the near future.

The June 15 tax filing deadline for unincorporated businesses is coming up soon. The “gig” economy is a vibrant, growing market - especially for millennials - but many have trouble connecting with credentialed professionals to provide them with sound tax filing and planning advice. Now there is a win-win solution.

One third of Canadian retirees are in debt to the tune of $19,000, on average. In fact, more retirees are returning to the workforce to address these debt levels and improve standards of living later in life. Now more than ever, especially with interest rates on mortgages and tax debt rising, addressing debt management is an integral part of professional tax accounting and financial planning services.

Is it still a good idea for snowbirds to own property in the U.S.? Do you have clients who have children studying in the States or a son or daughter marrying a U.S. citizen? How will Canadian small business tax reforms co-mingle with the most significant U. S. tax reform since 1986?