Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.Weekly Thought Provoker — Financial Services Threats
Join our online discussion: What are the greatest threats to the future of financial services?
People in the News
Phyllis Mikolajek, a business and tax services professional in Winnipeg, had this to say about attending the Distinguished Advisor Conference
Business Community Warns Job Losses, Inflation Would Follow Minimum-Wage Hike
Last month, Knowledge Bureau issued the results of a poll indicating that financial professionals are firmly divided on the prospect of $15-an-hour minimum wage. Now the business community is having a similar debate
Important Deadline for Correcting Errors or Omissions on Tax Returns
Did you know that the CRA’s Voluntary Disclosures Program (VDP) is proposed to change soon, restricting the ability to correct errors and omissions within a 10-year period?
New Phishing Scam Targets Tax Preparers
Tax pros beware — fraudsters have developed a sophisticated new email scam designed to steal your tax software usernames and passwords.
Will Recent and Proposed Tax Reforms Hurt the Canadian Economy?
The federal government’s “hurry up” approach to major tax reforms in Canada needs to slow down to allow for careful analysis of the proposals and changes from all stakeholders,
