No More Sworn Testimony, But Audits Are Still Stress Inducing

“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:

Brian and Patricia retired a few years ago.  Brian is 74 and Patricia is 72.  The couple live in Halifax, NS and have RRIF balances of $300,000 and $400,000 respectively.

Robert and Jackie are contemplating retirement.  Robert is 65, earns $55,000 from employment and also receives a $24,000 pension.

Glen is single, age 55.  He lives alone in a rental apartment in Hamilton, Ontario.  His current salary is $55,000.  His rent is $1,000/month.

Now that the date of the Federal Budget has been announced, Tuesday April 21, and the Minister has met with learned private-sector economists, who confirmed the March private-sector forecasts will do in interpreting plans for the near future, there is much speculation on what the budget will announce and for whom

According to Finance Canada, more than 1.2 million net new jobs have been created in Canada since the depths of the recession—one of the strongest job creation records in the G-7. 

As a financial professional, you may be called upon from time to time to act as an expert witness in a legal case.