Bill C-31: Royal Asset and New CRA Powers Could Come Soon

Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:

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The Tax Court of Canada (Descarries Et Al. v. The Queen (2014) TCC 75) recently had occasion to consider an interesting tax planning scheme that ultimately fell foul of the General Anti-Avoidance Rule (GAAR).  

Meet Dean Cockell, MFA.

The 2015 Alberta budget was presented on March 26, 2015. 

There are three certainties in life:  death, taxes and change.  That’s why taxpayers and their advisors must take note when provinces like Alberta raise their taxes for the first time since 1987. 

The Quebec provincial budget was presented on March 26, 2015.