Update On Trust Tax Filings
On March 3, 2025 CRA issued an update on the confusing trust filing requirements for tax year 2024. What’s important to know is that when filing of the T3 return, and the T3SCH15 Beneficial Ownership Information of a Trust form is required, the deadline is coming up soon: March 31, 2025.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.
Newcomers: Tax Filing For You Is Complex
International tax law is very complex and border-hopping can be expensive from a tax point of view. Newcomers to Canada and immigrants especially need to pay attention, but so do those residents with offshore assets. Be sure you are working with a Tax Services Specialist™ who has graduated from Knowledge Bureau’s Cross Border Taxation Course.
Advisors See Opportunity with High-Net-Worth Clients Looking to Protect their Wealth
It’s tricky to find silver linings in 2023, as the cost of everything is rising, with the Consumer Price Index (CPI) sitting at 6.3%. Food, fuel and general goods are increasing in price, and unfortunately so is the cost of running a business.
However, some businesses are finding that they are thriving in the current environment. For example, some advisors are finding that their businesses are still growing, thanks in large part to high-net-worth clients seeking better service.
Underused Housing Tax Form Released
Canada has a new tax form due on April 30 and it comes with expensive penalties. Canada Revenue Agency has just released new form UHT-2900 Underused Housing Tax Return and Election Form to be used by non-resident owners of residential property in Canada. The new underused housing tax is 1% of the value of any vacant or underuse residential property owned by a non-resident individual or corporation.
Tax Literacy Tip: What’s Earned Income for RRSP Purposes?
What matters is what you keep – after taxes! That’s critical in the current high inflation, high interest rate environment. It helps to take a hard look at how well you are using your “tax efficiency potential,” starting with maximizing your RRSP contribution by March 1. That will help you get a bigger tax refund and more tax benefits when you file your T1. As important, are you making just enough of the qualifying earned income to maximize RRSP advantages in the 2023 tax year? Here’s how to do it, well in advance:
