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:Tax Spotlight: Help Non-Filers Recover Billions
Did you know as many as 1 in 10 Canadians don't file their taxes? Canadians who don't file their income tax returns may be shocked to find out how much money they're owed by the federal government for years of missed benefits. The tax benefits lost to working-age non-filers was about $1.7 billion, according to an award winning research paper[1].
The Global Financial Disruption: Are You Prepared to Help?
President and CEO of Knowledge Bureau, Evelyn Jacks, joins Derek Notman and H. Adam Holt on their podcast, Rethink. Financial Advice, and discusses a variety of issues critical to the future of the tax and financial services industry: what's on the horizon for advisors and how to best prepare for the headwinds affecting us all. You’ll want to take this in.
New T777 Employment Expense Statement Released
The 2022 version of Form T777 Statement of Employment Expenses is available and worth a detailed look. Employees who have a T2200 form signed by their employer may use this form to claim their home office and other expenses. In addition there is a new section for the claiming of the new labour mobility deduction for an eligible tradesperson. Following are tax tips you should take note of in 2022.
Avoid High Risk Tax Preparers and Penalties in the Millions
Last summer, suspected “high risk” tax preparers were under the microscope by the CRA for submitting fake CEWS and CERS claims on behalf of approximately 2000 business clients. The gross negligence penalties alone amounted to $10 Million; this aside from the clawback of $25 Million in benefits paid. While these cases are in the minority – only 300 cases audited so far - they shed light on several things: once selected for audit, the burden of proof is always on the taxpayer, the penalties for dealing with high risk preparers will be huge, and from a client’s perspective, it pays to put your faith in a highly qualified tax professional.
Taxpayer Bill Of Rights Bolstered With A New Form
The burden of proof for accurate tax filings is always on the taxpayer, but in return, the taxpayer has several basic tax filing rights enshrined in the sixteen “Taxpayer’s Bill of Rights, ” together with five additional rights for small business. Now there is an additional tool when CRA fails to provide you with your rights to accurate and timely information: Form RC193 Service Feedback Form.
A New Way to Grow Your Accounting Practice
Vexxit’s online platform brings clients to you.
The way we do business has changed these last few years. Remote and hybrid have become the new norm, with professionals trading boardrooms for virtual meetings and networking events for social media introductions.
Vexxit has taken this new way of doing business and amplified it, giving accountants a digital platform to offer their services and access customers who need them.
