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:

In the past, retirement income planning was largely focused on how much pension income was needed to replace employment income, for a taxpayer and his/her spouse to live comfortably until death. That has now changed, significantly.

Many investors may feel that it’s best to stay out of the stock markets for now, particularly at a time of so much instability. Are they right?

"Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle. As with all matters of the heart, you'll know when you find it." Steve Jobs

Should you start your Canada Pension Plan early or late? The tax consequences may help you decide. First, know that CPP pension benefits are taxable.

The Finance Department has offered a terse but prompt response to a request with a very short deadline from the Parliamentary Budget Officer (PBO) for additional information to justify figures in the March 22, 2016, federal budget.

April 30 falls on a Saturday this year, so midnight May 2 is the deadline for filing the T1 General Tax and Benefits Return.