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:

How important are a tax and financial advisor’s “soft skills?”  Having deeper conversations about many life components, other than finance, can be an important first step in improving your clients’ lives. 

The old adage says that “money can’t buy happiness.” This is now statistically true.

Millennials (ages 18 to 35) are confident in their abilities and fairly optimistic about the future, but they have greater stress levels than any other generation before them. Why? Despite their many traits for success—ambition, drive and the ability to work hard—it is difficult for them to find opportunities to prove themselves.

Summer is here and it’s moving season. Exciting yet stressful, this life event can be lucrative from a tax viewpoint. 

For the 2015 tax filing season, the average Canadian overpaid their taxes by $1,729 during the year—that’s just over $140 a month that’s not going into TFSAs, RRSPs, RESPs, RDSPs, or non-registered accounts to benefit Canadian families in their future.

When is employment income earned by an Aboriginal person exempt from income tax?