Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:Tax Tip: What’s Deductible When Interest Rates Rise?
With the prescribed interest rate doubling to 2% as of April 1, there will be a significant impact on Canadians who face overdue tax balances with the CRA. It follows that understanding what interest costs are deductible and which are not, is of new interest. This subject is one that qualified tax and financial advisors will be prepared to discuss with clients as we tee up for the busiest month of tax season.
Mortgage Stress Tests: What’s the Impact to Home Owners?
Buying a home this spring or approaching a mortgage renewal? May is the busiest time of year for real estate transactions, and you will want to see your tax and financial advisor to discuss the implications of the new mortgage rules and rising interest rates on your after-tax earnings.
Stories from the Field: CRA Service Standards Make Progress
Have the CRA’s service standards improved? Reports from tax professionals and their clients show progress this tax season. However, in light of increased audit activity, diligence and thorough documentation remain necessary - as this story from the field demonstrates – or you risk major financial consequences.
Ontario Budget Speech Today
Stay tuned to Knowledge Bureau Report next week as we decipher the controversial Ontario Provincial Budget. A pre-election budget, it has already been pre-empted with a series of goodies and promises:
Spring Growth: Learn How to Prepare Accurate, Audit-Proof Tax Returns
Are you comfortable with your level of tax knowledge? If not, you’re not alone; most Canadians admit that they don’t know enough, but still prepare their own taxes. Educate yourself this tax season to receive a larger refund, and arm yourself against time-consuming, expensive audits.
Dr. Michael Graham: On Budget 2018 and Cross Border Taxation
What did Budget 2018 cover that tax and financial advisors need to know now? What did it fail to address? Dr. Michael Graham weighs in on what we might anticipate in cross-border trade, U.S. tax reforms, the implications of Budget 2018 on small businesses in Canada.
