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:Eight Short Snappers: Quick Year-End Tax Planning Tips
There is still plenty of time to look for year-end planning strategies to reduce taxes in 2016 and start 2017 out on a tax-efficient foot. Tax and financial advisors who make time for a planning discussion with families at this time of year may wish to use this checklist of money savers:
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.
