News Room

Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

CPP Premiums for 2017 Top $5,000

The CRA has announced the maximum CPP pensionable earnings for 2017: $55,300, up from $54,900 in 2016. The employer-employee contribution to the plan is now $5128.20 when maximum contributory earnings are reached.

CRA Serious About Cracking Down on Tax Evasion and Avoidance

The Canada Revenue Agency (CRA) is taking its fight against non-compliance by offshore tax evaders to a new level, as 85 Canadians are investigated and 60 tax audits have been initiated, as reported by news media this week. This is the result of searching millions of files and identifying 2600 Canadians with a link to the abuse.

Review RESP Details Before Year End

Year end education planning requires a close look at the Registered Education Saving Plan (RESP) as an option for families saving for their children’s education. The RESP features a generous Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB) which really sweetens the savings pot thanks to the federal government.

Canada 150: Financial Advice at the Crossroads of Change

After the highly acclaimed DAC 2016 in San Diego, the location of the 14th Distinguished Advisor Conference (DAC) was announced. Following tradition, advisors will be visiting a retirement haven that their clients frequent; this time in beautiful Kelowna, B.C., November 5-8, 2017.

Cross-Border Taxation Issues after Election in U.S.

With the U.S. election results and the subsequent crash of the Canadian immigration site, now is likely a great time to brush up on the rules for cross-border taxation and for U.S citizens living in Canada. Knowledge Bureau covers the subject in its online Cross Border Taxation Course and will also devote a half day to the subject in the May edition of the Distinguished Advisor Workshops.