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:

Knowledge Bureau is pleased to introduce a new Diploma in Advanced Family Tax Compliance.  This comprehensive program is ideal for experienced tax accountants and wealth advisors who require updating in the latest  tax and economic changes from Finance Canada and CRA in order to help clients meet tax filing compliance requirements and family wealth planning objectives.  The program comprises of four online courses, 5 chapters each, and 4 virtual CE Summit events. A special introductory tuition offer is available until July 30.  Details below.   

Check out the outstanding pre-conference activities we have selected to enhance your experience in Montreal! Open to all 2024 Acuity Conference for Distinguished Advisor attendees and their companions. Space is limited, reserve now!

Thinking of enrolling employees for training this fall?  The Canada-Manitoba Job Grant will begin accepting applications July 24! But the grants go quickly so apply now if you are interested in enrolling employees in Knowledge Bureau training programs.  Up to $10,000 per individual can be received.  The grants are available in other provinces too, but with varying deadline dates. Details below:

CRA will start legal action to collect 9.53 billion in overpaid pandemic supports like CERB, Canada Recovery Benefits and Canada Recovery Caregiver Benefits. This is a very large number,  representing half of the amount of expected taxes to collected by the new capital gains inclusion rate increase to 66 2/3% over $250,000.  Are you or your clients feeling the pinch?  Here’s what to know to soften the blow:   

It just doesn’t seem right.  Canadian resident recipients of German Social Security – some now close to 100 years old -  have long been embroiled in a complex “give and take” when it comes to their pension eligibility and taxation.  In at least one case, the fight for tax fairness has caused on couple to pack up and leave the country, according to a tax professional who contacted us with the story.  Here are the issues and how to help:

With a very challenging tax season behind us and more complexity on the horizon with new tax rules, business owners would be wise to take the opportunity in the “off season” to re-think wealth creation in an asset class that others don’t have: the equity in a business enterprise that some day may be sold for millions of dollars.  There are new opportunities to arrange ownership structures to use a new $1.25 Million Capital Gains Exemption or the new Canada Entrepreneur’s Incentive, in addition, the new capital gains inclusion rates, the Alternative Minimum Tax (AMT) and new intergenerational business transfer rules to consider.  This requires the help of a trusted financial advisory team.  Who should be on that team and how do you find them?  Here are some tips: