This Month’s Poll
Do you agree with the government’s plan to introduce the new Canada Groceries Essentials Benefit (CGEB)?CAIP Error to be Corrected September 15
The Climate Action Incentive Payment (CAIP) is now being paid in Alberta, Saskatchewan, Manitoba and Ontario, and starting in July 2023, in Newfoundland and Labrador, Nova Scotia, and Prince Edward Island. Administering these quarterly payments is a big job – CRA asked for a $1.9 Billion of increase in it’s March departmental budget. At least some of that money will go towards correcting an error made in July: taxfilers living in smaller centres will receive a reconciliation payment on September 15. Here are the details.
CRA Extends Taxpayer Relief in Wildfire Affected Areas
CRA is providing some relief from corporate tax filing requirements for businesses in wildfire zones in British Columbia and the Northwest Territories and some instruction on how to get access to tax benefits and manage tax collections and CRA audits during the disaster. Detail appears below:
Refund Examination Questionnaires: An New Challenge for Business Owners
Are you aware of CRA’s new refund “verification” questionnaires? These have far-reaching queries about business and rental activities, as well as the submission of personal information – everything from utility bills and insurance policies, bank statements and credit to verify residency and daily living expenses at each location. Taxfilers and their advisors need to become familiar with them now. Why? Because it’s going to take a long time to get them done when CRA comes calling! Here’s what you need to know:
Transformative Change in Retirement Planning & Financial Stewardship
Two CEOs from our Platinum Partner organizations will take the stage at DAC Acuity, November 13 in beautiful Banff to tackle critical skills required to embrace. They both happen to be Tony’s, too: Tony Demarin, CEO of BCV Asset Management will bring his thought leadership to the topic The Reset: Portfolio Construction at Ground Zero. Tony Mahabir, CEO of CANFIN Financial will discuss Financial Stewardship in a Digital Age.
Income Tax Pros are In High Demand: Train Now!
According to the CRA’s 2023 tax filing statistics to August 27, nearly 31 million Canadians have filed a tax return, and for those that owe the average balance sits just shy of $7,500! This points to a high demand for the specialized services of qualified tax professionals who can help taxfilers pay only the correct amount of tax and get all their tax benefits, too.
Post Tax Season Audit Activity in Full Swing
CRA typically moves into a “post-payment” verification mode after tax season and this year they are well armed with new data collected electronically from 93% of all tax filers and new funding, too. That means tax and financial advisors can expect to hear from clients for audit assistance and/or direction on the most appropriate savings account to tap to repay their refunds or benefits – all adding to the inflationary pain Canadians may already be feeling. Here are the tax filing stats to August 27, 2023 and an insight into the audit plans that are coming.
