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:

The upcoming September 18 Virtual CE Summit is focused on Audit Defence and features an important session led by experienced tax litigation lawyer, Anna Malazhavaya, LLB, who will cover significant expansion of the CRA audit powers in the recent years. You will learn the best practices in corresponding with CRA auditors, how to identify situations where CRA auditors overstep their boundaries, how to protect your clients, and when to engage a tax lawyer. Register by September 15 and check out the full agenda online!

Ask anyone: does it seem like today’s common financial thread is that financial futures seem out of reach? From burdensome costs of interest, groceries and fuel, and the resulting investment gaps, Canadians just want their financial sea legs back. What does it take to stop, re-assess, and re-engage confident financial outcomes against the backdrop of rapidly changing tax and economic environments? What is the role of the financial professional today in bringing back a methodical approach to financial peace of mind? At the 2024 Acuity Conference or Distinguished Advisors, our panel hosted by Christine Logan and Sponsored by Franklin Templeton will tackle the issues.

The most recent statistics released in August tracking bankruptcies, paint a grim picture of business reality in Canada.  While there is some good news - bankruptcies decreased in June over the month before – it is clear that 2024 has been a difficult one especially for small businesses.  Did the CEBA loan repayment requirement last month push many over the edge?  That and other factors are to blame, and tax and financial advisors are well poised to help.

The August 12 draft legislation released by Finance Canada brought welcome changes to the trust filing requirements for 2024 for many routine family planning matters, including  title holdings on principal residences  for an elderly parent or for the purposes of obtaining a mortgage for an adult child.  However, new rules for 2025 have narrowed the scope but not entirely eliminated the need to file T3 returns and Schedule 15 Beneficial Ownership Information of a Trust.   

Knowledge Bureau is delighted to announce the winners of its 2024 Distinguished Advisor Awards at the Acuity Conference for Distinguished Advisors (DAC) November 10 – 12 in Montreal.  The star-studded ceremony, being held at the exclusive St. James Club, will kick off the three day educational conference – Canada’s only multi-disciplinary conference, featuring 20 thought leaders who will focus on the theme,  Safe Havens: Secure Financial Futures & Wealth Potential.   Winners will be honored in the following categories and contacted under separate cover for ceremony details:

Clients are looking to financial advisors for more tax planning as accountants are inundated with compliance work. The RWM™ is a critical designation that delivers the knowledge you need! Differentiate your practice with new credentials that introduce an integrated approach to growing your business, while building a natural referral network as an RWM™. Join us for a live, virtual discussion with practicing members of the Society of Real Wealth Managers™ August 28 at Noon CT.