Late Filing Penalties: Talk About It!

While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:

A new non-refundable credit is available on the 2016 tax return, which will help families who needed to spend money to make a home accessible to a disabled person.  It’s one of those credits for which you have to dig out receipts, however, but it’s worth up to $1500, and more if you double dip – which is possible and legal!

According to numbers from 2013 reported by Statistics Canada, 82% of Canadians made a financial contribution to a charitable or non-profit organization, down by 2% from 2010. However, although fewer Canadians donated, those who did donated more—14% more in fact, for a total of $12.8 billion.

Over 500 respondents weighed in to Knowledge Bureau Report’s March poll with a definitive message to the federal government: 95% said it was a bad idea to cancel the education and textbook credits in the 2017 tax year. The commentary was voluminous and frank:

In this new feature, Knowledge Bureau President, Evelyn Jacks, brings perspective to Real Wealth Management.

The Federal Budget has put an emphasis on positioning Canada for success in the innovation economy of tomorrow. With so many businesses poised to change hands soon, advisors must be thinking about preparing the next generation of leaders for the new economy, despite disruptive trends and significant tax changes. The continuity, and even survival, of these companies could depend on your help.

Are you a distinguished advisor in your industry? If so, be sure to enter two prestigious awards to be announced at the DAC in beautiful Kelowna, Nov. 5-8 this year.