Podcast: Automatic Tax Filing - Will It Work?

Last week Taxpayers' Ombudsperson François Boileau  tabled his annual report:  In Pursuit of Better Service: Taxpayers Deserve More.  once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years.  Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution.  A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive.  Consider the following:

March 1, 2018 is an important date for savvy taxpayers:  don’t miss topping up your RRSP contribution by this deadline. It’s a great investment for your retirement, of course, but it’s so much more powerful:  there are, in fact, three additional tax secrets most people don’t know about that can help you improve your finances.

Interest rates are rising and Canadians are already feeling the pinch in paying down their operating lines.  Owing the taxman can add to the burden.  The Bank of Canada’s next interest rate announcement is March 1 and for some, the trend is already uncomfortable. Debt management is key.

The first tax returns of the year will be processed on February 26 this year.  February 28 is the last day to catch up your filings and preserve appeal rights under the old Voluntary Disclosure rules that allow for full interest relief.  That means tax deniers or procrastinators must step up now.

Canadians who earn tips and gratuities are required to report this income on their annual income tax returns. This year the tax auditor is once again taking a closer look, and it’s become easier than ever, as audits of credit card and debt payments provide a reliable record of undeclared amounts.  Here’s what you need to know to bust those tax audits:

Leadership matters.  Your team depends on yours; so do your clients.  A couple of weeks ago, we featured a story on how the components of ethical leadership can be applied to individual leadership styles. It received great traction on the Executive Business Builders Network.  Please chime in this week.

We salute the outstanding achievements of Siegfried Merten, Master Financial Advisor (MFA), who has been recognized internationally for his work in the avoidance of double taxation for retired Canadians.