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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.
March 2025 Poll
In your view, has CRA improved its services to clients and tax preparers this year?
Eligibility for Tax Support for Business Investments: What does it mean for Small Businesses?
How do you tap into the new $1.5 million tax break for businesses and who is eligible? It turns out most business owners may be. Building on last week’s article, “Complexity: Consequences of Tinkering with the CCA System”, we’ll expand on the details of the plan from the Federal Government to boost business investment as a measure to restart the economy as Covid-19 dwindles. Here are the details.
Tax Pros Notice an Increase in CRA Audit Activity
CRA has been ramping up audit activity, according to 75% of tax professionals who said they’d noticed an increase when responding to our February poll. Here are the observations they shared:
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:
