Where are My Tax Slips? Failure to Report Income is on You

Are you missing the T slips you need to accurately file tax returns this year?  It’s CRA’s problem, but the consequence is on the taxpayer. Here’s the backdrop and what you can do to help clients avoid paying penalties and interest for missing slips:

Check out our new courses and educational calendar all leading down the pathway to Specialized Credentials and Continuing Education Credits.  You can register now, start today and study from anywhere with convenient online training options, including a special offer on DMA™ Programs with tuition savings until February 15 – and of course our rookie and technical CE Savvy Summit tax schools that start January 15 with the Advanced Personal T1 Tax Update.

The DMA™ Distinguished Master Advisor is a technical specialist in one or more financial disciplines: personal tax, corporate tax, accounting, or small business management and business transition services. Register by February 15 to earn new specialized credentials that build confidence, bring new solutions and build new networks!

Happy New Year 2025!  In case you missed it, there was some late year tax news to share from Finance Canada: an extension to the charitable donation contribution deadline from December 31, 2024 to February 28, 2025. In a second announcement, the automobile expense limits for 2025 were finally announced. Here’s what you need to know:

The federal government will restrict the deductibility of rental income expenses where short term rental ventures fail to meet local regional by-laws starting in 2024; based on tax law passed on June 20, 2024.  However, there are also provincial tax consequences when it comes to real estate taxation in two provinces, that should be noted:  

Tax Filing Milestones for January, February and March 2025:  Mark your calendar for these upcoming tax, investment and financial milestones and remind your clients.  Check it out - don’t forget the brand new deadline on February 28, 2025 below:

It was a controversial move that contributed to the resignation of Canada’s Finance Minister:  a GST/HST Holiday and a proposed $250 Working Canadian’s Rebate for those who filed a 2023 tax return, had a net income under $150,000, and also contributed to the CPP.  Was it a good idea? The future of the Working Canadian’s Rebate remains uncertain, as it was noticeably absent from the government’s December 16 Economic statement, and that’s okay by Knowledge Bureau Report readers:  85% answered no to going ahead with this poorly-received program.  Here’s what our readers said: