Investigative Tax Prep:  Top Ten Changes to Probe

Tax season 2025 has started with a focus on the increased income levels some taxpayers may report due to proposed changes in capital gains tax laws.  But aside from this there are new questions to probe with clients to ensure the family’s tax returns are filed to their very best benefit, given change in their life and financial events as well.  Here are top 10 queries to add to your interview checklist:

Now is the time for rookie training! Choose from selected introductory certificate courses leading to DMA™ Designation and enrol by September 15 to save up to 27% on tuition. We invite you to check KBR for reader loyalty rewards weekly as a thank you for engaging with us!

The Climate Action Incentive Payment (CAIP) is now being paid in Alberta, Saskatchewan, Manitoba and Ontario, and starting in July 2023, in Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.  Administering these quarterly payments is a big job – CRA asked for a $1.9 Billion of increase in it’s March departmental budget.  At least some of that money will go towards correcting an error made in July:  taxfilers living in smaller centres will receive a reconciliation payment on September 15.  Here are the details.

CRA is providing some relief from corporate tax filing requirements for businesses in wildfire zones in British Columbia and the Northwest Territories and some instruction on how to get access to tax benefits and manage tax collections and CRA audits during the disaster.  Detail appears below:

Are you aware of CRA’s new refund “verification” questionnaires?  These have far-reaching queries about business and rental activities, as well as the submission of personal information – everything from utility bills and insurance policies, bank statements and credit to verify residency and daily living expenses at each location.  Taxfilers and their advisors need to become familiar with them now.  Why?  Because it’s going to take a long time to get them done when CRA comes calling! Here’s what you need to know:

Two CEOs from our Platinum Partner organizations will take the stage at DAC Acuity, November 13 in beautiful Banff to tackle critical skills required to embrace. They both happen to be Tony’s, too:  Tony Demarin, CEO of BCV Asset Management will bring his thought leadership to the topic The Reset: Portfolio Construction at Ground Zero. Tony Mahabir, CEO of CANFIN Financial will discuss Financial Stewardship in a Digital Age.  

According to the CRA’s 2023 tax filing statistics to August 27, nearly 31 million Canadians have filed a tax return, and for those that owe the average balance sits just shy of $7,500! This points to a high demand for the specialized services of qualified tax professionals who can help taxfilers pay only the correct amount of tax and get all their tax benefits, too.