Bill C-31: Royal Asset and New CRA Powers Could Come Soon

Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:

Year-end tax planning is important in 2016, especially in light of Finance Canada’s release of its Annual Financial Report of the Government of Canada for Fiscal Year 2015–16 on October 7, 2016.

A Notice of Ways and Means Motion to Amend the Income Tax Act was introduced to enact changes to the Canada Pension Plan on October 6, 2016. 

There are lots of changes coming to retirement income planning, together with a whole new focus on how much is enough. . . a question being asked by all generations in the family.  That’s why retirement planning is really about multi-generational planning.

There are so many tax planning changes being introduced for 2016 – 2017 that tax, bookkeeping or financial services professionals may have trouble keeping up with answers to their clients’ complex questions this year.

Post-Thanksgiving reminder: "To keep the body in good health is a duty, otherwise we shall not be able to keep our mind strong and clear." Buddha

Charities count on our support at year end. Not only is donating to a worthy cause the right thing to do, but digging deep to help others also makes good sense from a year-end tax planning point of view, especially for young, high-income earners.