October 1 - Important Changes Coming to VDP
Effective October 1, 2025, important changes will be made to the Voluntary Disclosures Program (VDP) at the CRA in order to make it easier for taxpayers to correct unintentional filing errors or omissions. The details on how the changes will affect your clients are being discussed in the CE Summit held September 17 and this course is now available for online enrolment and CE accreditation, after the virtual event. Here are some highlights of the changes.It’s Not Too Late to Take the New Basic T1 Tax Course
Knowledge Bureau’s recently updated T1 Professional Tax Preparation – Basic course introduces a proven process for consistently accurate T1 tax preparation services, with a professional client interview and documentation management system, now featuring case studies using 2015 professional tax software.
Life Purpose
“No one can make you feel inferior without your consent.” -Eleanor Roosevelt
Ontario Registered Pension Plan Postponed
The Ontario government has reversed it's January decision to launch the Ontario Registered Pension Plan (ORPP) in January 2017 regardless of what the federal government does with CPP. This week, the Ontario government has announced that it will work together with the federal government to achieve the mutual goal of improving pensions.
Max the RRSP Now to Maximize the New CTB
Families who wish to maximize the anticipated new Child Tax Benefit (CTB) for 2016/2017 have less than two weeks left to reduce 2015 net income using an RRSP contribution. The deadline is February 29. For these reasons, Knowledge Bureau has updated its Income Tax Estimator to assist with the calculations.
Federal Budget: Tax Reforms Coming Soon
A tell-tale sign the federal budget is right around the corner was the February 12 meeting of the Finance Minister with private sector economists for their forecasts on the Canadian and global economies. This this year, a number of significant tax changes are expected, if the newly elected Liberal government’s election platforms are implemented.
Canada and Switzerland Agree to Jointly Fight Tax Evasion
On February 5, the Finance Minister announced that Canada and Switzerland have signed a Joint Declaration which will see the two countries exchange financial account information automatically. With this agreement, CRA expects to curb tax evasion by Canadian residents who earn income in Switzerland but do not report it on their Canadian tax returns.
