November 2025 Poll
Do you believe the November 4 Federal Budget addressed the key financial issues your clients need to see from their Finance Department and the CRA?Travelling Abroad? Foreign Currency Exchanges Could Have Tax Consequences
It may be difficult to remember a time when the exchange rate of the Canadian dollar to foreign currencies, especially the U.S. dollar, was lower than it currently is. The Bank of Canada has a great chart of help you track the changes. For taxpayers and their advisors, it’s important to track them to determine if a capital gains tax consequence has been triggered during the year. This can happen when foreign currency, once exchanged, produces more Canadian dollars, over the original sum exchanged. There are some interesting tax rules to consider in these cases.
More Things to Do at DAC 2023!
Looking for other ways to mix and mingle with DAC attendees, trade best practices, and have some serious fun in Banff? Check out these additional activities and sign up soon through the DAC Interactive Agenda, as spaces are limited! If you haven’t secured your seat out the conference, be sure to do so by the September 30 early-bird deadline for best tuition rates!
Mark Your Calendar: Fall Education & Tax Filing Milestones
It’s back to tax school time and that means shoring up on tax knowledge for the 2023-2024 tax filing seasons, but also to mark your calendar for important milestones to meet CRA fall filing requirements. To help, here are the Knowledge Bureau Report’s Fall Financial Calendar Checklist:
Significant Draft Tax Legislation Released on August 4
No rest for tax and financial professionals, it seems. Between two long weekends, August 4 and September 8 a giant package of draft tax legislation (365 pages) and explanatory notes (459 pages) must be read, deciphered and reviewed to provide commentary. It’s a very tight window considering the significance of the provisions, which reform the tax system for employees, employers, high income earners, those embarking on intergenerational transfers, investors in the clean economy and mineral exploration and those who try to circumvent the intent of the law.
Back to School Supplies: Canada Child Benefit Increases Can Help
The cost of living adjustment for the Canada Child Benefit, along with other federal benefits and credits, increased by 6.3% in July, bringing a welcome raise to families with children who are navigating inflation-fuelled price increases, especially for back-to-school supplies. A mid-summer plan to improve the CCB for next year should however begin now. Here’s what you need to know:
Tax Audit Ready? Take 5 New Questionnaires
CRA is enhancing the questions they will ask when it comes time for a tax audit. In July, the department released 5 forms that require detailed information. These will be covered in more detail in the September 20 CE Summit; however, here is an overview of what’s in each form. Tax and accounting services specialists will want to add these forms to their interview checklists with every client who fits the profile for these requests:
