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:

The Income Tax Act and the Excise Tax Act allow the Canada Revenue Agency (CRA) to transfer the tax liability of a taxpayer onto third parties. There is a very distinct role for the tax and financial advisor in assisting their clients with this issue. This and more will be discussed at the upcoming Distinguished Advisor Workshop (DAW), with featured guest speakers in Vancouver Jan. 22 and Toronto Jan. 25.

Now available ebook or hard copy. "Evelyn Jacks shows Canadian families how to use tax planning to save thousands over the years through family income splitting and asset accumulation. This book is a must-read if you want to build wealth and achieve your financial goals."   Gordon Pape, bestselling author of Tax Free Savings Accounts.

"I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel." Maya Angelou

Do RPPs and RRSPs act as substitutes for one another in retirement savings patterns?  At first glance, this appears to be so, based on a new study released this week by Statistics Canada.   The big finding is that workers who are self-directed savers benefit less than their co-workers who don’t tend to save enough for retirement when RPP contributions automatically increase.

How time flies when you’re having fun!  The end of 2015 is fast approaching, and what a wonderful year it has been working with all our amazing students and strategic partners at Knowledge Bureau. We want to take this opportunity to wish you a very happy holiday and thank you sincerely for sharing knowledge with us in so many ways!

Year end is a great time to reflect on your accomplishments: at work, in your family and in your personal life. For advisors, the power of the storytelling over eggnog and holiday treats can lead to important insights to help clients make the right decisions about their time and money; a key message recently delivered by Todd Hynes, Vice President of Sales at Ivari.