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:

The financial services industry has never been under more pressure to improve on its professionalism. At the same time, more services are being disrupted by new technologies and providers.

When did your business go from being a sideline or hobby to a viable going concern? It’s important to be able to pinpoint the date if you want to stay out of CRA’s cross-hairs.

Experts and visionaries from all sides of the financial services are now preparing their ground-breaking research for presentations at the Distinguished Advisor Conference, November 6 to 9 in San Diego.

Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC  Nov 6 -9.

"If opportunity doesn't knock, build a door." Milton Berle

Unincorporated business owners can avoid late filing penalties by filing their taxes before midnight June 15. However, if you owe money to CRA, you must pay by midnight May 2 to avoid interest charges.