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:

The May 1st tax filing deadline is less than 20 days away and tax season is in full swing!  The T1 is not the only tax return due on this day.  The T1135 Foreign Income Verification Statement must be filed and this year, a new tax return has been added.  Thankfully, the filing of the new Underused Housing Tax (UHT) Return for 2022, the UHT-2900, has been postponed to October 31, 2023.  But scheduling a return engagement with affected clients is critical:  the tax casts a wider net than originally anticipated and the penalties are high for failure to file.

With a new minimum tax on the horizon after the last federal budget, business owners may be more interested in discussing ways to protect their future wealth.  A retirement compensation arrangement (RCA) may be a way to do that. Tax and financial advisors may wish to come up to speed to engage clients in more high value advice post tax season. Here’s what you’ll want to know:

There is significant complexity for taxpayers who may qualify to claim both attendant care expenses under the medical expense credit and the disability amount.  CRA has provided an excellent guide to making the best claim for your clients.   

This week advisors were treated to the secrets behind greater work-life balance and more impactful client relationships with an overview of a new program from Knowledge Bureau:  how to become a digital advisor for the future.  Did you miss it?  You can still listen in, and save money on this new certificate course now till April 30.  Here’s what you learn:

Did you know 2023 is an important Milestone Year for CE/CPD Credits in the tax and financial services industry? Knowledge Bureau designates need 15 CE Credits by June 30 to relicence their credentials;  IIROC Cycle 9 ends on December 31, 2023 and Insurance Council licensing CE credits are due at various times throughout the spring.  That’s why Knowledge Bureau is offering 5 new CE options to help you meet your CE requirements before the summer:

Statistics Canada says that about 1 in every 10 business are impacted by a cyber security or privacy incident.  Worse, in a rapidly changing landscape Artificial Intelligence (AI) can now mimic voices and have human-like conversations, draft emails, write articles and books and  more – all in a few seconds;  think ChatGPT, for example.  At a minimum, these transformational changes require a solid understanding of how to meet the accountabilities of privacy and confidentiality.  Now you can earn 10 compliance credits from IIROC by completing a new cutting edge course from Knowledge Bureau: Privacy Principles in Business.