No More Sworn Testimony, But Audits Are Still Stress Inducing
“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:People in the News
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Life Purpose
“Good thinkers are always in demand. A person who knows how may always have a job, but the person who knows why will always be his boss.” John C. Maxwell
How Are Auto Expenses Claimed?
The rules for claiming automobile expenses are similar for both employed and self-employed people, and they are also among the most frequently audited. Taxpayers will want to keep proper documentation and make the claims correctly.
Students and their Parents Lose Ground the Term
Despite a CRA new release which tells students they will be saving more on their taxes this term, students and their parents will actually pay more tax in 2017 due to the March, 2016 budget. Here are the details that students, parents and tax preparers need to know about as they spend money on their education in 2017:
Canadians Are Spending on Housing
Albertans lead the country on spending money, based on a new survey on household spending released at the end of January by Statistics Canada. The figures are indicative of tax and financial planning opportunities required by families at all ages.
End-To-End Advisor-Client Experience Important
The RRSP deadline for those making contributions to reduce their 2016 tax liability is fast approaching: midnight March 1. It’s important to get this done on time as a good Plan A, but also, to do so in conjunction with a long term financial planning outlook, as an even more important go-forward plan.
