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January 2025 Poll
Do you agree with extending the charitable donations giving deadline to February 28, 2025 for the purposes of reducing taxes on the 2024 tax return?
Train for Tax Season 2024: Add DMA™ to Your Specialized Credentials!
Now is the time to get ready for tax season 2024 by adding Distinguished Master Advisor (DMA™) to your own Specialized Credentials, or expand the talent in your office to grow your firm. Choose from 3 recommended Designation Programs, and as a special bonus when you register by September 15, you can come to the September 20 Virtual CE Summit on Real Estate Audit Defence free!
CRA Delays: What to Do About the Hours on Hold
Is it reasonable to expect Canadians to spend 2 hours or more on hold to get answers to their tax questions at CRA or even change their address? Taxpayers and their advisors are increasingly frustrated with long wait times for service. The CRA Ombudsman is looking into it, according to a CBC report, but the ombudsman’s office, too, is behind on complaint processing; backed up to the last week of June. It’s a big problem, as taxpayers are bound to strict deadlines for compliance or face expensive penalties and interest costs. So, what can be done?
Inflation is Up Again - Time for Financial Breaks
According to Statistics Canada, this Consumer Price Index (CPI) rose 3.3% year over year in July; this follows a 2.8% increase in June. What were the key contributors to the rise in inflation? It was the price at the pumps, groceries and mortgage costs. And while inflation is expected to come down – perhaps two years from now amidst a lot of uncertainty – it’s a big wealth eroder for those retiring in this cycle. It’s an opportunity for tax and financial advisors to work together with their clients.
Moving? Let CRA Know to Avoid Benefits Interruption
Moving before the fall? You will want to be sure you let CRA know to continue to receive important tax credits to help offset inflation. There’s a form for that; on paper or online. You will also want to familiarize yourself with the T1M Moving Expense Form to understand the kinds of expense receipts to keep and find come tax time. The deduction can grow to five figures quite easily. Both forms require some tax knowledge to complete properly.
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.
