Investigative Tax Prep:  Top Ten Changes to Probe

Tax season 2025 has started with a focus on the increased income levels some taxpayers may report due to proposed changes in capital gains tax laws.  But aside from this there are new questions to probe with clients to ensure the family’s tax returns are filed to their very best benefit, given change in their life and financial events as well.  Here are top 10 queries to add to your interview checklist:

Did you agree with the government’s last minute abort of the bare trust filing requirements on March 28, just one business day before the April 2 deadline? 

In March, we asked our Knowledge Bureau Report readers to share why they subscribe to our weekly breaking tax and financial news. The feedback is in:  not only is it an invaluable resource for tax, accounting and financial professionals in their own practice, it helps create more informed and empowered taxpayers. Check out their comments, and we invite you to take this opportunity to share the subscription with your clients.

Especially in light of family business tax changes; and new technology advancements at CRA, a financial intermediary who can integrate advice on all aspects of a financial transaction – from banking to tax reporting - will be well positioned to help both new market entrants and older clients with tax problems it’s high value advice that crosses all demographics. Take 10! Join us for an interactive DMA™ Program Orientation and become a DMA™- Accounting Services Specialist.

Did you know that the moving expenses deduction has been around since the 1972 taxation year?  It was one of the original provisions of the Budget 1971 – which introduced the last major tax reform in Canada.  It was originally intended to recognize the expenses incurred in moving to a new job or educational institute to study and since has been extended to include moves to new locations for self employment purposes as well.  About 85,000 people claimed this deduction based on most recent statistics and it is quite lucrative.  Here’s what’s claimable:

I have heard and seen a lot of funny things on planes, trains and other modes of transportation, but a memorable episode recounted by a fellow traveller involved an emotional support turkey firmly grasped by its owner who was afraid of flying. It reminds me of a question I often get:  can I claim  my fur-baby on my tax return.  In some cases, the answer is yes.

Some might think this is too good to be true:  the realized capital gain on some financial assets is not subject to regular income tax if the security is transferred to a charity.  That’s right, the gain is avoided entirely. . .almost.  Here is what you need to know to make a social impact throughout the tax year, and reap impressive tax benefits too.