Extension of Donation Deadline – Gifts in Kind Don’t Qualify

Last week Finance Canada released draft legislation to confirm the extension of the charitable donation deadline for the 2024 tax year to February 28, 2025. But it’s not for all donations. The fine print in this legislation matters before going ahead and making the donation. Check it out:

Did you know that just under 200,000 people still owed money to CRA for the 2014 tax year going into the last holiday season? That’s less than 1% of all individual tax filers and they don’t owe that much:  the median gap is $780 per individual. But owing CRA money can be very expensive. Here is how they are calculated and what you can do to speed up tax bill delinquency to start this year’s holiday season on sounder financial footing:

Knowledge Bureau’s acclaimed Advanced T1 Tax Update  for 2021 T1 Returns is coming soon on January 19, 2022! Loaded with new information from highly esteemed tax specialists and features a comprehensive Knowledge Journal and Desk Top Reference packed with “Dark Horses” – little known tax facts and theory that will make a big difference filing more accurate returns in tax season 2022.  Register by December 15 to receive this valuable desk top reference and your lunch, all included in your tax-deductible tuition fees!

Society of RWM membership renewals are due December 31 for existing members and include Knowledge Net Tools and Calculators and relicensing fees for the continuation of use of the RWM™ designation.  New members are now being invited to join, too, and the benefits are significant. 

There is an important, front line role tax professionals can take to help devastated flood victims with tax relief, effective immediately.  CRA issued a statement on November 30 encouraging residents of BC affected by the flooding to request taxpayer relief if it affects their ability to pay their taxes on time. However, any taxpayer who is experiencing hardship may want to discuss a relief request, especially if errors or omissions that have lead to missed refunds or benefits.  Here’s an overview on two important relief options available:

Did you know that over 100,000 Canadian workers are in the gig economy? These important new growth engines in the economy are often people who are dissatisfied with their current work experience.  However, as new entrepreneurs, they need professional guidance from tax and financial advisors to survive and growth.  Plus, they may soon be paying EI premiums too.  It’s a good space to get into if you are in the business of attracting new clients to your practice.  Here’s why: 

Our November Poll asked our readers to reflect on the tax consequences of deemed dispositions on terminal returns, specifically for RPP pension recipients and over 75% were in agreement with this question:   “Registered Pension Plan contributions are added to income in full on final returns of singles or widows/widowers. Would it be fairer to average this lump sum over the 24-month period prior to death?”  Some of your comments follow: