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Last updated: February 14 2023
Tax Spotlight: Help Non-Filers Recover Billions
Did you know as many as 1 in 10 Canadians don't file their taxes? 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. The tax benefits lost to working-age non-filers was about $1.7 billion, according to an award winning research paper[1].
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. 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.
Qualified professional tax filers can help non-filers unlock the financial power of claiming and receiving all benefits they are eligible for. That’s because under Canada’s self-assessment system, it’s possible to reach back and recover refunds and benefits by correcting errors and omissions in filing.
Do you know people who would benefit from knowing more? Check out Knowledge Bureau’s new accredited CE Savvy Biz Ed™ line up of interactive, micro-courses – for yourself or someone you’d like to give the gift of education to.
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 instalment 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 for the $69 Tax Filing Rights and Obligations Micro-Course
Get Started Online Today and Earn Verifiable Credits for your CV.
Option One: One Micro-Course At a Time
YOUR TAX FILING RIGHTS AND OBLIGATIONS
Tuition Fee | $69 + tax
An hour of your time can act as a catalyst to grow your business and expand your knowledge base.
Option Two: Collection of Five
CE SAVVY™ BIZ ED: UNDERSTANDING TAX COLLECTION
Tuition Fee | $295 + tax
Complete up to 5 courses in 90 days. Pass them, get your certificates, then add them to your permanent Scholar’s Library.
Option Three: Choose From The Whole Series
CE SAVVY™ BIZ ED: ACCELERATE YOUR BUSINESS EDUCATION SERIES SUBSCRIPTION
Tuition Fee | $995 + tax
Complete at least 30 courses in 1 year and earn 30 CE Credits
[1] written by Jennifer Robson and co-author Saul Schwartz
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