Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.Life Purpose
"I think self-awareness is probably the most important thing toward being a champion." Billie Jean King
Beef Up Your 2017 Canada Child Benefit Now
It’s unclear whether Canadians are really getting more from their Canada Child Benefit in 2016 over the Universal Child Care Benefit and family income splitting. That’s the subject of our October poll. However, at this time of the year there is lots a tax specialist can do to make sure your family maximizes the credit.
CPP Actuarial Report: Expected Return 3.9% to 2090
The 27th Actuarial Report on the Canada Pension Plan provides some fascinating reading about Canada’s demographics and economy over the next 75 years, to 2090.
Finance Canada Report: Tax Revenues Increase, But Red Ink Flows
Year-end tax planning is important in 2016, especially in light of Finance Canada’s release of its Annual Financial Report of the Government of Canada for Fiscal Year 2015–16 on October 7, 2016.
CPP Legislation Is Introduced
A Notice of Ways and Means Motion to Amend the Income Tax Act was introduced to enact changes to the Canada Pension Plan on October 6, 2016.
CPP Revisions a Good Reason to Learn Professional Tax Efficient Retirement Income Planning
There are lots of changes coming to retirement income planning, together with a whole new focus on how much is enough. . . a question being asked by all generations in the family. That’s why retirement planning is really about multi-generational planning.
