Advanced Income Tax Rulings

The federal government has taken steps recently to attract more investment in Canada. That’s sure to create some new tax questions that require Advanced Income Tax Rulings (AITR). A new measure to facilitate a faster response was announced on September 14 and is intended to attract business investment of large amounts. Specifically, for investments of $1 billion or more, the CRA will prioritize advance income tax rulings. The measure took effect the day it was announced. Here’s what you need to know:

Have you gone paperless?  Innovations in technology and a focus on process improvements have paved the way to making “paperless” a reality for those businesses interested in improving efficiencies.

Dynamic Elise Pulver, LLB, will address significant and unexpected changes to the Estate and Administration Tax Act, at the Distinguished Advisor Workshop, June 22 in Toronto.   

Last week, Federal Finance Minister Joe Oliver announced in the House of Commons that the government is open to allowing Canadians to make additional voluntary contributions to their CPP in order in increase their CPP savings.

Parents with children under age 18 living at home will be receiving a lump sum of $420 per child with their July Child Tax Benefit payment. This lump sum represents the additional $60 per month per child payable as of January 2015.

CRA has applied a net-worth assessment against your client, who now comes to you for help . . . and they are emotional and scared. What do you do first?

The most recent economic data is indeed atrocious, as Bank of Canada Governor Stephen Poloz predicted in England late last year.