Podcast: Automatic Tax Filing - Will It Work?
Last week Taxpayers' Ombudsperson François Boileau tabled his annual report: In Pursuit of Better Service: Taxpayers Deserve More. once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years. Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution. A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive. Consider the following:Life Purpose
“If opportunity doesn't knock, build a door.” Milton Berle
Double Dip with The New Home Accessibility Tax Credit
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!
Brush Up on New Calculations for Charitable Donations
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.
KBR Poll: A Deafening No – Education & Textbook Credits Should Stay
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:
Worth Thinking About: Three Components to Success
In this new feature, Knowledge Bureau President, Evelyn Jacks, brings perspective to Real Wealth Management.
Continuity Planning with Business Owners for an Innovation Economy
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.
