CRA’s Callback Service for Tax Pros Pilot
Are you a tax professional with years of experience? Have you ever felt frustrated after calling the CRA, having spent hours on hold, wasting your client’s or employer’s time, only to speak to CRA agents who aren’t qualified to answer your questions? The Auditor General of Canada was equally displeased in a scathing report last fall on wait times and accuracy levels at the CRA. Now a new CRA callback service may come to the rescue this tax season. Here is my experience with the pilot project so far:People in the News
Siegfried Merten, MFA™, Ontario, is Knowledge Bureau’s noted expert on filing returns for recipients of German pensions. He says this about his experience in obtaining his MFA™ designation:
Life Purpose
“No one’s happiness but my own is in my power to achieve or to destroy.” Ayn Rand
Tax Tips: Help Newcomers to Canada Help Themselves to Tax Credits
This year, new immigrants include more refugees who need to come up to speed on how to benefit from the many refundable and non-refundable tax credits and deductions available in Canada. You may wish to take a new family under your wing and help them navigate this task.
Loonie Value Reaches Three-Month High Relative to the US Dollar
On Tuesday, the Loonie was worth $0.7657 US. This is the highest value we’ve seen since September 23, 2016. Sadly the dollar is still more than 30 down from January of 2013 when it was last on par with the US Dollar. So what are the tax implications for investors of exchange rate fluctuations?
Coach Houses and the Principal Residence Exemption
In communities where rental accommodation is scarce, more and more homeowners are building a second dwelling on their lot and renting out that “coach house” or “carriage house”. Many have not thought about the tax consequences, though, and they could be complicated. The key question: will your tax exempt principal residence status be affected by this second dwelling?
First Quarter Tax Filing Milestones
It’s time to take note of the tax filing requirements and investment opportunities that arise in the first quarter of 2017: January, February and March. Investors making TFSA and RRSP contributions, as well as interest payments on inter-spousal loans are affected. So are taxpayers who are making quarterly instalment tax remittances.
