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:

Canadians find themselves in an eagerly awaited election campaign in which MPs (Members of Parliament) will make decisions about how to collect and spend your tax dollars.  Are you ready to interview these candidates for their job?   Here are 13 questions – a baker’s dozen – you might wish to draw from to help you decide on the qualifications.  But, you won’t get to ask them all - political candidates aim to spend no more than 90 seconds on any doorstep to give a quick pitch and ask for support – so choose wisely and listen to answers carefully.

Tax season is “taxing” for all the familiar reasons – the deadlines, the missing information and the shock some taxpayers are facing in light of the tariff fallout and for some the fact they may need to pay CRA instead of receiving the expected refund.  There is a big emotional toll tax specialist can bear as well, for example, when hearing of a new disability, a death in the family, or the demise of a business.  In these volatile times, there may be more of the latter, unfortunately.  Here is what to know as these difficult conversations begin to unfold.

The “R” word is emerging daily as market volatility continues in response to the global trade war initiated by the U.S.  How do you explain this to clients and guide them through this period of instability and uncertainty?  Here are some thoughts:

Knowledge Bureau is honored and proud to introduce the distinguished partners at the Acuity Conference for Distinguished Advisors, November 23-26 in Puerto Vallarta Mexico.  Please check out their unique value propositions in the financial services industries they serve and click on their logos on the official conference page for more information.  Then check out the amazing agenda - so far – for this thought leadership event.  A great way to earn CE/CPD credits and network with an outstanding audience of leaders from coast-to-coast:

What’s keeping your clients up at night? How do we help clients accumulate, grow, preserve and transition wealth with the continued volume of change coming from new governments in Ottawa and Washington?  How do we temper harm from difficult relationships people have with money? Share your thoughts on proactively managing client concerns with strategy, process, and answers to these three critical questions, as we hear case study approaches from our panelists at the April 23 Introduction to Real Wealth Management™ Orientation. Learn more and then join these professionals who are the change-makers of the financial services by earning your own specialized credentials as an RWM™.

Over 96% of advisors surveyed in last month’s Knowledge bureau Report poll said that despite ramping up various initiatives and staffing levels, CRA’s service levels have worsened significantly and the commentary around this was interesting.  For the few who said yes, there were no specific embellishing comments, but for those who said no, there was a lot of scathing detail.  Take a look: