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:

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Stressful, time-consuming and important.  Filing a tax return by the May 1 deadline is all of these things.  Yet it’s necessary to receive income-tested social benefits.  A recent analysis by the Canadian Centre for Policy Alternatives discovered a dismal take-up of two of them:  the new Canada Dental Benefit and Canada Housing Benefits.  It begs the question:  is the striking CRA serving the needs for essential tax services well enough?  Perhaps it’s time to consider a new solution to ensure delivery of important income-tested social benefits.

By 2025, the federal government intends to increase the annual influx of immigrants to Canada to 500,000 people. With more people coming from afar, faster, there are great new opportunities to scale up your business and  help new immigrants with tax compliance and financial planning.  Further,  engaging with new migrants to build on their educational credentials, find good jobs and mentorship opportunities in the tax and financial services is a win-win, especially with new government job grants.  Start with conversations about filing for refundable tax benefits:

Last fall Canadians were asked to weigh in on the  “modernization” of GAAR – General Anti Avoidance Rules – after the federal government suffered a series of 24 losses in court.  The GAAR has now been introduced in the March 28, 2023 Federal Budget with a period of consultation, ending May 31, 2023.  Those with energy left after a difficult tax season will want to weigh in before the government moves ahead.  Here’s what you need to know:

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. Regular fee: $1,149… now until April 30 only $795.

The Canada Job Grant is a collaborative program between the federal and provincial governments designed to assist employers and employees in developing skills for success. The program is available in most provinces, and Manitoba just announced that intake 1 for the 2023-2024 Canada-Manitoba Job Grant is now open! Eligible training dates include training that began on or after April 1, 2023 and ends on or before March 31, 2024.