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:

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.

Couples feuding? If it ends in separation or divorce, there are tax strategies you can use that are critical in minimizing the financial damage that can occur in these cases. Here are seven tips for separating in a tax-efficient way.