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:

There are two tax filing deadlines this month: June 15 and June 30; and they affect five different taxpayer profiles between them. Do you know which ones might apply to you?

Other than the recording and documentation of business expenses, the most common area that causes problems for proprietors is the claiming of mixed-use expenses.

With Fort McMurray residents slowly returning home to rebuild, Knowledge Bureau is pleased to make a donation of $11,250 on behalf of its students and staff.  In addition, CRA announced special taxpayer relief for victims.

Knowledge Bureau is pleased to announce that Brent Gleeson, a Navy SEAL combat veteran with multiple tours to Iraq and Africa, and writer for Inc.com and Forbes.com will speak at the Distinguished Advisor Conference, Nov. 6 to 9 in San Diego. Early registration is now open until June 30.

"Consult not your fears but your hopes and your dreams. Think not about your frustrations, but about your unfulfilled potential. Concern yourself not with what you tried and failed in, but with what it is still possible for you to do." Pope John XXIII

Losing a job—especially unexpectedly—can be a difficult life event. You should know how to keep as much as possible of a lump sum that might come your way. The taxes on this lifeline can rob you of precious resources while you look for new work or arrange for your retirement income. There are also investment planning decisions to be made.