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:

New Capital Gains Inclusion Rates Change the Game: are you prepared to help?  Learn New Year-End Tax Planning Techniques from Our Special Guest Experts. Upskill Your Knowledge, Network Virtually with Canada’s Top Tax Experts plus earn 15 CE Credits before year end! 

Knowledge Bureau is pleased to welcome back Fraser & Partners as a Bronze Sponsor at the 2024 Acuity Conference for Distinguished Advisors Conference in Montreal November 10-12. Fraser & Partners is a collaborative team of specialists, and one of their firm’s core values is continuous learning. Connect with them at their exhibitor both during the conference, and learn more about their organization below.

Approximately 600,000 Canadian Controlled Private Corporations (CCPCs) which filed their 2023 corporate tax returns by July 15, 2024, and who have fewer than 499 employees, will receive a Carbon Tax Rebate by the end of the year. The federal government held up payment of $2.5 billion for the past 5 years, and so for some, the payments can be significant.  The President of the CFIB, Dan Kelly, who is a keynote speaker at the Acuity Conference for Distinguished Advisors (DAC) in Montreal, November 10-12, welcomed this news.

The federal government raised the Old Age Security (OAS) and Guaranteed Income Supplement (GIS)  benefits payable to seniors from October to December 2024 by 1.3%, based on changes in the Consumer Price Index (CPI).  In total seniors will have received an indexing adjustment of 2.8% in the 12-month period from October 2023 to October 2024.  Let’s examine who qualifies these benefits and how this indexing adjustment is calculated.

Did you know that Canada now has a Blueprint for a Renters' Bill of Rights?  It’s based on four principles the federal government wishes to align with a renter’s right to adequate housing. According to the government, the purpose of the Blueprint is to “express the Federal Government's policy objectives to build a national consensus to protect renters.”  But what does this mean for rental property owners? You may wish to discuss this with your clients who have concerns about their ability to collect rents and improve properties.

Are you concerned about taxpayer rights being eroded with proposals to expand CRA powers within the audit process?  The pros are:  96%  of Knowledge Bureau Report’s September poll said yes.  Here were just some of their reasons why: