$1.5 Billion Goes Unclaimed Due to Canadians Not Filing Their Taxes

In a paper titled The Mystery of Unclaimed Tax Benefits published in 2020 the authors found that about 10 to 12 per cent of Canadians don't file their tax returns. And if we look back almost a decade ago (2015) researchers estimated that the benefits lost to working-age non-filers was about $1.7 billion. That number has to be higher today, especially with all the new inflation protection measures being announced recently.

According to the paper, non-filers are more likely to be male, young and single. And although there were non-filers across all income groups, they were most heavily concentrated in lower income brackets.

Canadians who don't file their income tax returns may be shocked to find out how much money they're owed by the federal government for years of missed benefits.  This “found money” could allow these individuals to realize their dreams of home ownership, saving for retirement or helping to care for a loved one.

How can you help your clients unlock the financial power of claiming and receiving all benefits they are eligible for?  How do you shore up your knowledge quickly to answer on-the-spot queries? Or do you have prospects who would benefit from taking this course as a gift from you? Check out Knowledge Bureau’s new accredited CE Savvy Biz Ed™ line up of interactive, short courses. 

Today’s preview: Your Tax Filing Rights and Obligations

Why You Should Take This CE Savvy Biz Ed™ Course:  Understanding the Self-Assessing Tax System goes a long way to ensuring that the Taxpayer remains compliant.  Once taxpayers understand their responsibilities and complies under the legislation, everything becomes much easier for them.  In addition, they will be made aware of the many tax benefits available to them how to maximize these benefits to contribute to their wealth creation activities.

What You Will Learn in this CE Savvy Biz Ed™ Course: As a Canadian taxpayer, you have the right to arrange your financial affairs within the framework of the law to pay the least amount of taxes legally possible. Whether you file as an individual, corporation or trust, you are required, however, to self-assess the taxes you owe on tax returns that are annually filed, and then bear the “burden of proof” to show you did so correctly.

As a result, in reporting income and writing off various expenses, you must comply with tax law and its intent to avoid difficult and costly interactions with Canada Revenue Agency (CRA). This knowledge will also help you avoid interest and penalties imposed for non-compliance and perhaps as important, to better manage the work your accounting team prepares for you. Finally, you need to know what to do when you don’t agree with CRA.

What you will learn:

• How does the Canadian Tax System operate?
• What are the various due dates for different types of filings?
• How are instalments payments determined?
• How is “double taxation” on foreign income avoided?
• When and what’s required for Foreign Income Verification Statement filings?
• How do Voluntary Disclosure and Fairness Requests work?
• How are returns reviewed or audited by CRA?
• What avenues are available to the taxpayer that does not agree with CRA?
• How are penalties determined and applied in different circumstances?
• What can CRA do to collect outstanding taxes, interest, and penalties?

Included with the course:

• Industry leading, interactive education module designed to make learning more enjoyable
• Knowledge Bureau continuing education accreditation
• Certificate of completion that can be shared on your LinkedIn profile to promote your expertise

ENROL NOW!

Only $69 and an hour of your time can act as a catalyst to grow your business and expand your knowledge base. Or save time and money by signing up for an annual subscription and gain on-demand access to the comprehensive CE Savvy Biz Ed™ professional library for the low annual fee of $995.  Taxes extra.  Qualify for a tuition fee credit when you spend more than $100.   

GET UNLIMITED ACCESS TO CE Savvy Biz Ed™ NOW!

Here is what one of your peers had to say about this program:

“I love the Knowledge Bureau CE Savvy Modules! It will now be our firm’s first place to enrich our knowledge and skills while earning our required CE credits to maintain our registrations. Personally, it is easy to login, find the topics of interest, easy to navigate through the courses, and the special effects (pictures, diagrams, animations) make you want to stay on-line and complete otherwise boring topics …. Because Knowledge Bureau makes it fresh and exciting! Thank you for this invaluable tool!”

D. Tony Mahibir, CEO, CANFIN

MBA, CMC, RWMTM, CIM, RRC, CFP, FP Canada Fellow

Interested in Earning Specialized Credentials in Tax, Accounting, Financial Services Programs?  Download a Free Course Catalogue.

©Knowledge Bureau, Inc.  All rights Reserved