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:Tax Tips: Foreign Asset Reporting
Did you know that as of May 16, 2016, like individuals, corporations can now file Form T1135 Foreign Income Verification Statement, electronically? EFILE has otherwise been allowed for the 2014 and subsequent taxation years for individuals. CRA will also make electronic filing possible for partnerships in the future, but they haven’t released a date yet.
The Distinguished Advisor Conference Young Advisors Award Winners Announced
Knowledge Bureau and Manulife are pleased to announce that Lindsay Sawyer Fay of E. Sawyer Financial in Winnipeg, Manitoba and Darren Ryan, a financial advisor with Ryco Financial in St. John’s, Newfoundland have been selected as the 2016 winners of The DAC Young Advisors Award.
What to Do When Risk Tolerance is Broken
More market volatility is certain in the aftermath of Brexit and in anticipation of the outcome of the US election. If you really want to help people reach their financial goals, and avoid “bad behavior” because of volatility in the markets, you need to have a broader and more powerful set of tools.
Better Manage Owner-Manager Compensation Discussions
As a result of recent corporate tax rate changes and adjustments to the taxation of dividends, one of the key issues faced by the owner/manager of a private business is how to best manage his or her compensation to maximize the amount of after-tax income available to the family.
Life Purpose
"Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world." Desmond Tutu
Early Retirement Your Employer’s Idea? You Have Options
For those who become unemployed, Employment Insurance (EI) benefits may be available and they are taxable. In addition, if you are a high-income earner in the year you receive the benefit, these benefits may also be subject to repayment.
