New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

Review additional tax provisions announced by the Government in the 2018 Federal Budget.

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.