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:

How does a person know whether a trust exists or not? The answer to that question can at times be more complicated than you’d imagine.  There are occasions where a written document, such as a Will, very clearly purports to establish a “trust” but fails to do so. There are other occasions where there is no written document present at all, but nonetheless a trust relationship is deemed at law to have arisen.  In some provincial jurisdictions, a trust to hold land cannot be validly created unless there is a written document in place.

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The carbon tax is increasing again on April 1 and for some, so is the federal rebating system to offset it. Taxpayers and their spouses must file their T1 returns electronically by March 15 to get the new Canada Carbon Rebate (CCR) by the first payment date on April 15.  Otherwise, they will have to wait until the next payment date in July.  Confused?  You are not alone; there have been lots of changes.  Here’s what you need to know about this rebranded carbon tax rebate and the new amounts payable for 2024-2025.

There’s lots to know about the new CCR – Canada Carbon Rebate.  The first payment for 2024-25 under this new label has been increased in some provinces but decreased in others.  The former Climate Action Incentive Payment (CAIP) is paid quarterly, and the new CCR will be too; but did you know that to receive the first payment on April 15, 2024 tax returns for both spouses must be filed by March 15? Here are the new amounts for April 2024 to January 2025 and some tax tips to observe too.

February 19 is the first day CRA accepted 2023 tax returns to begin the 2024 tax filing season.   How much will the average tax refund be?  How must will the average taxes payable be?  How many tax returns will be filed?  How many will be nil returns?  A review of those final filing stats for 2022 can help to anticipate what the 2024 tax season will look like.  Here is some tax filing trivia to kick off tax season 2024.