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:

Only three weeks before the April 2, 2024 Trust Return filing deadline, the CRA released updated guidance indicated that gross negligence penalties will not apply for 2023 in most cases if taxpayers fail to file on time, except in the “most egregorious cases”. It’s good news that the government has decided to ease the penalty provisions for people who don’t file by April 2 as they try to decipher these new rules. When does a bare trust exist, and when do the rules apply? Here are some examples, based on a question submitted by one of our KBR readers and students, Connie Zhu.

The topic of discussion is Retirement, Trust and Estate planning chocked full of critical information you need to know as you work with clients to maximize their wealth potential.  You’ll be treated to an in-depth analysis of the April 16 Federal Budget, a Trust boot camp, and a great discussion on retirement and cottage succession planning.  You don’t even have to leave your office!  Here’s why Connie, Zhu, DMA enjoys the Virtual CE Summits so much:

Do you have the skills to provide the process and structure your clients will need to effectively plan for their retirement? Differentiate yourself, attract new clients and increase profits by providing a high value service as a trusted advisor to your clients as a DMA™- Retirement Income Services Specialist. Learn more risk-free by taking a free DMA™ Program Orientation!

Are you taking your exemption on foreign currency exchange gains?  Are you reporting them?  It’s part of some “ancient tax law” still with us today.  And some of those provisions are often forgotten. Here’s a few of them:

As a financial advisor, a common query you might encounter is how clients can improve their financial position through charitable donations, particularly from sources like RRSPs/RRIFs or investments.  While there are tax-efficient strategies to encourage gifting from these sources, the suggestion that a donor can end up in a better financial position after making a gift is inherently flawed. Here’s why:

The federal budget will be tabled on April 16 this year.  As at the time of writing the following provinces had released or announced their provincial budget dates.  Stay tuned to Knowledge Bureau Report  for budget highlights and special reports on significant tax and economic news: