Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

Many people don’t understand one of the most fundamental reasons to file a tax return: claim lucrative refundable tax credits.  It’s especially important for families that qualify for the Canada  Child Tax Benefit, which is expected to be enhanced this July.

Using comprehensive tax reduction strategies as a leading weapon in sustaining family wealth always makes sense, but never more than this year. In an investment climate in which there is very little certainty, it pays to look for winners we can count on: tax-efficient investments, for example.

Taxpayers who performed services outside Canada for more than six consecutive months during 2015, for either a qualifying Canadian employer or a Canadian-owned foreign affiliate, will qualify for a special tax credit.

Tax and financial advisors agree: more than ever, empathy is a key ingredient of successful advisor-client relationships. This was borne out in a presentation by Craig Dowden, Ph.D., at the recent Distinguished Advisor Conference. Registration is now available for this annual event, being held in San Diego, November 6 – 9, 2016.

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.

“No one can make you feel inferior without your consent.” -Eleanor Roosevelt