$110 Million Owing on TFSA Audits

By : Knowledge Bureau Staff Writers Posted in: Strategic Thinking, Financial Literacy, CRA, tax court, trading, investment, stocks, knowledge bureau, TFSA, Evelyn Jacks, securities, tax education, financial education, Walter Harder, investors, tax audits, TFSA audits, uncollected tax debt, tax appeals, Tax Free Savings Account
Over the past year, the Canada Revenue Agency has made it a priority to collect on what they’ve deemed to be over $100 Million in unpaid taxes on TFSA investments. But can investors fight back?

Take 2: New Complex Tax Rules, Short Comment Periods

By : Evelyn Jacks and Knowledge Bureau Staff Writers Posted in: Strategic Thinking
If the date July 18, 2018 rings a bell it should: it marked the one-year anniversary of Morneau’s controversial small business tax proposals. This year, mid-summer tax complexity is again in the news, as Finance Canada released two important new tax documents for Canadians on July 27: the Draft Sales and Excise Tax Legislative and Regulatory Proposals and the Draft Income Tax.

Five Important Details Emerge on the Canada Workers Benefit

By : Walter Harder Posted in: Strategic Thinking, Tax Planning, investment, knowledge bureau, Evelyn Jacks, income tax, refundable tax credits, income planning
Draft legislation that describes enhancements to the Canada’s Workers Benefits, was tabled at the end of July, and the proposals contain five interesting changes which improve access and benefit availability, as outlined in the federal budget.

Deferring Receipt of CPP: Is it the Right Call for Retirees?

By : Stefanie Keller Posted in: Strategic Thinking, seniors, investment, knowledge bureau, Canada Pension Plan, Evelyn Jacks, retirement income, public pension, Real Wealth Manager, old age benefits, income planning, Quebec Pension Plan, deferring CPP, CPP enhancements, maximum pensionable earnings, tax-efficient retirement income, Stefanie Keller, Stellar Wealth & Tax Solutions
When it comes to the Canada Pension Plan (CPP)/Quebec Pension Plan (QPP), most Canadians want to know whether they should take it early, at age 60 or defer it. In fact, this is a great trigger question and a core part of the discussion and a core part of the discussion about a pre-retiree's financial strategy. Yet it is surprising how few advisors drill down on this complex, and often uncomfortable decision.

Developing Trust in the Financial Advice Sector: Education and Enforcement Demanded

Posted in: Strategic Thinking
Is more regulation needed to protect consumers from unscrupulous tax and financial advisors? That was the subject of KBR’s July poll, and it’s clear that to industry professionals, the answer isn’t so black and white. Our readers agree it’s a problem, but the solution falls somewhere between simply answering “yes” or “no.”

Know Your Cross-Border Client: Avoiding Tax Consequences and Liabilities

By : Knowledge Bureau Staff Writers Posted in: Strategic Thinking, Financial Literacy, DAC, knowledge bureau, Evelyn Jacks, distinguished advisor conference, snowbirds, financial education, Knowledge Journal, Dean Smith, Canadians abroad, cross border, U.S. tax, non-residents, living abroad, Cadesky Tax
Canada-US relations have been strained for a variety of reasons, but recently private business owners received what could be a very costly surprise. New guidelines outlined by the I.R.S. for the Transition/Repatriation Tax will take a toll on Canadians with U.S. or dual citizenship who have businesses incorporated in Canada: expect to owe even more tax.