No More Sworn Testimony, But Audits Are Still Stress Inducing

“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:

It’s been a couple of months since we last ran our trivia contest for a chance to win attendance at the upcoming Distinguished Advisor Conference in Kelowna on November 5-8. So here is the question for August:

Back in June, we told you that our popular Distinguished Advisor Workshops (DAW) were being renamed to CE Summits to bring you even more expert ideas. In case you missed it, here's everything you need to know:

When commenting about the “Understanding Family Dynamics” course, David Bwamiki from Primerica said: “My objectives were met because the course presented real-life examples that I often encounter.”

A Special Knowledge Bureau Report: Buried at the height of summer holidays, the Finance Department has released a significantly complex and potentially punitive proposal to change the integration of the personal and corporate taxation system for private enterprises and provided a mere 75 days to provide feedback. 

The proposed changes to the taxation of private business income and equity, released on July 18, 2017, will affect the income paid to family members who are not actively engaged in the business, as well as limit their access to the Capital Gains Exemption.

The Finance Department is proposing alternatives to the taxation of passive income earned in a private corporation. This will dramatically alter after-tax income results, essentially taxing the income earned by corporate investing at the top marginal rates and then taxing distributions once more at personal tax rates.