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A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
July 2024 Poll
Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?
Audit-Ready Files: When Can a Tax Return be Adjusted?
Looking for extra money to fund rising costs? The tax return is one such source, especially because it is possible to reach back and correct errors and omissions from the prior 10 years to generate a tax refund. However, there are certain limitations when it comes to the deduction for CCA (capital cost allowances) and other permissive deductions. Notably, CRA has not changed its rules on this matter since 1984. In this feature, Part 1, we’ll discuss how to adjust a return. Part 2 will discuss the specific rules concerning CCA.
Adjusting Tax Returns: Permissive Deductions
The post-tax season often involves a specific type of “catch-up” for busy tax accounting offices: filing returns for procrastinators and making adjustments for errors and omissions. But this must be done carefully; especially because these adjustments can lead to a broader audit. Further, there are special rules for claiming “permissive deductions” including CCA (Capital Cost Allowance). That’s very important if the goal is to preserve tax reducers in the future or recover taxes paid in the past.
RWM Meeting of the Minds: August 17, 2022
There are six key reasons, you will want to mark your calendar to attend the next Meeting of the Minds Event, presented by the Society of Real Wealth Managers™ on August 17, 11:00 – 12:00 PM CST. It’s a complimentary event, and it could be one of the most informative hours of your summer.
DAC Acuity 2022: Nominations Open for the Prestigious New Advisor Award
Submit the name of your worthy nomination for the DAC New Advisor Award now. The application deadline September 1, 2022. The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services. Here’s what the winner of this prestigious award will receive and how to apply:
Retirement Plans Must be Adjusted at Age 65
Have you discussed the nine key issues that require renewed consideration in retirement planning with boomers? To begin, testing a financial plan against longevity is very important. For instance, did you know that a 65 year old male and female have a 50% probability of reaching age 89 (male), 91 (female) and 94 (either the male or the female)? There is also a 10% probability that either the male or the female lives to age 101. A female couple could have a greater likelihood of living even longer.
