Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

If you have not already done so, this is an excellent time to contact your clients who are eligible for the Universal Child Care Benefit (UCCB) to let them know about the increase in the benefit made effective in the April 21 federal budget, as well as the lump sum that may be coming their way on July 20, 2015.

When it comes to enhancing and updating your skills, there is never a downside to a refresher. That’s what Diane Elliott, who is four courses into her Distinguished Financial Advisor (DFA) – Tax Services Specialist, strongly believes.

More than one million small businesses in Canada contribute somewhere between 25% and 41% to Canada’s GDP. These small enterprises also account for almost 78% of all private jobs created in Canada and about 70% of the total labor force1.  This market is a sweet spot for advisors in the tax and financial services industry who are ready to provide education on recent tax changes and new planning opportunities.

Sometimes executors fail to execute the duties of their positions with sufficient attention or integrity. In Estate of Forbes McTavish Campbell, the BC Supreme Court removed one of three executors in a rare exercise of that power. The executor was also required to pay special costs of the proceeding- a higher amount of costs reserved for parties who act especially reprehensively. 

For the seventh quarter in a row, the prescribed interest rates remain unchanged. 

The 2015 Distinguished Advisor Conference agenda is coming together nicely. Come think strategically with hundreds of top advisors from across Canada who strive to embrace the challenge of building on client relationships from afar.