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STAY UP-TO-DATE WITH BREAKING TAX AND INVESTMENT NEWS.
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?
Some New Provisions Will Not Be Assessed Right Away
Last week, CRA warned taxpayers that two of the proposed revisions for 2021 return are included on the T1 and schedules but will not be assessed until those provisions are given Royal Assent.
Complexity: The Drives for New Tax & Financial Professionals
If you need answers to complex questions your high net worth families are asking about their income and capital after personal, corporate, trust and cross-border taxation, or when new triggers are driving financial decisions your clients want to make, working with a Real Wealth Manager (RWM™) can help you answer and execute on them. This is particularly so in today’s complex world when financial peace of mind – and answers to tough questions – both are more difficult to come by.
Tax Filing Season Begins, and Other Notable Milestones Coming Soon!
The tax filing season officially opened on February 21 for e-filing 2021 returns, while February 28, 2022 will be the opening day for filing T3 returns electronically. The deadline for most Canadian filers is Monday, May 2 as April 30 falls on the weekend this year. As pros in the tax, accounting and financial services industries gear up for a busy season, there are other important tax filing and investment planning milestones to take note of, too. Here’s a handy checklist to share with your staff and clients:
The Limits of Tax Planning – Intention is Not Everything
Did you really intend to make that claim on your tax return? Intention is an important consideration when filing a tax return, especially if your client transacted in what is known as “grey areas”. In other words, it’s not good enough just to report the numbers on the return; you’ll want to document the reasons for them too, especially if you are a small business owner. Here’s why that’s important to your clients’ appeal rights down the line and why you need to get their help to document the facts properly.
Return of Fuel Charge Proceeds to Farmers
In the 2021 Federal Budget, the government promised to return fuel charges to farmers in Ontario, Manitoba, Saskatchewan, and Alberta. The form to apply for this credit (T2043) has just been released, and the government has indicated that the refundable credit should be claimed on the new line 47556.
