This Month’s Poll
Do you agree with the government’s plan to introduce the new Canada Groceries Essentials Benefit (CGEB)?Taxpayer’s Spouse Successful in Challenging CRA’s Third Party Re-assessment
The recent judgment in Ellis v. The Queen shows that it is possible to successful challenge the Crown’s case for penalties, after a third party re-assessment of taxes to a delinquent taxpayer’s spouse. The appellant had been assessed $10,199.73 in penalties under section 163 of the Income Tax Act (the Act) when her husband transferred 50% of their matrimonial home, targeted by CRA to cover his $50,000 federal tax bill.
Last Chance to File or Change 2005 T1 Returns
Although the government is limited to three years to reassess returns in most cases, taxpayers have 10 years to make changes to their returns. That’s why it’s important to call clients now- especially delinquent filers to preserve tax filing rights. Specifically, they will have until December 31, 2015 to make changes to or file their 2005 return before it becomes statute-barred.
New Cross-Border Tracking Rules Have Tax Implications
Thinking of leaving Canada for extended vacations or visits? You will now need to be more careful about your absences if you want to remain eligible to collect social benefits, like the Canada Child Tax Benefit, Old Age Security or Employment Insurance. That’s thanks to the Perimeter Security Pact between Canada and the United States, which was initiated back in 2011 and has been undergoing four phases of implementation.
Cybersecurity at Issue
Cybersecurity is an issue all tax and financial advisors may find themselves answering questions about this tax season.
Ground-Breaking Survey: How Loyal Are Your Clients?
Canadians who work with financial advisors are better off financially than those who do not, and many clients feel that their advisors add more than just financial value, impacting many aspects of their lives. That’s the good news. The bad news? Only 36% of clients said they would stay loyal to their advisor’s business when the advisor retires; in fact, about 50% are prepared to walk when you retire.
Gratitude: Holiday Hours at Knowledge Bureau
The beauty of a Virtual Campus is that you can enrol and study with Knowledge Bureau any time, 24/7. However, our head office staff will be taking a well-deserved family break from noon December 24, returning bright and early on January 4. We are grateful for their hard work and dedication and thank them sincerely for their passion in serving you – our cherished clients – all year long.
