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:

The GST/HST credit system is being used to provide three inflation boosts recently, but late filers may be missing out.  A one time payment arrived in November; then, on October 18, 2022,  Bill C-30 received Royal Assent to double the amount of the GST tax credit eligible taxpayers were already receiving in January.  Next, the Bill to enable the new Grocery Rebate, will pass.  Money won’t be distributed until July 5, according to CRA.  But those who don’t get their tax returns  caught up will miss out on hundreds possibly thousands, of dollars. Details appear below:

Privacy, confidentiality, security are foundational hallmarks in the relationship between taxpayers and their tax department. CRA takes this obligation seriously. However, during the pandemic, more than 90% of employees worked remotely.

A recent CFIB survey revealed that 76% of pros already had significant concerns about worsening service levels and intimidation tactics at the CRA. Here’s what the April 2023 survey found:      

Managing the process around life events (before, during and after) with a multi-stakeholder team requires three important legal documents which must be anticipated and drafted in relation to a holistic retirement, disability and estate plan.  Learn how to advise your clients to think about these difficult topics in a more positive light with two important sessions from Philippe Richer LL.B at the May 24 Virtual CE Summit and bring peace of mind to family members who otherwise worry about how to avoid abusive or unintended circumstances.

Now’s the time to start building your arsenal for next tax season! The new KB Tax Tip Toolkit gives you fast answers to your tax questions and you’ll earn up to 30 CE credits using it, too! Receive three great solutions at one great price: professional tax research library, powerful tax planning calculators, and CE accreditation, register by May 15.

Become a world-class leader in financial education with turn-key learning solutions from Knowledge Bureau! Creating a learning culture is the #1 driver of great work culture and it’s great for business too, introduce our new micro-course collections to the professional development program at your firm: your team can grab an hour and be CE Savvy™ while meeting CE requirements.