Tax Pros Endorse Paper-Filing Tax Returns

Posted in: Strategic Thinking, tax preparation, tax returns, poll results, income tax act, efiling, Netfile, paper-filing
Between February 12, 2018 and January 6, 2019, only 13.1% of all tax returns (totaling 3.9 million) were paper-filed. With the vast majority of Canadians now filing electronically, we asked Knowledge Bureau Report readers whether paper-filing should be continued. A resounding 89% of respondents said “yes.”  Here’s why:

Young Generations at Risk: Increased Tax Burdens

By : Beth Graddon Posted in: Strategic Thinking, retirement planning, retirement savings, wealth management, Millennials, Baby Boomers, tax burden, tax gap
New data shows that younger generations face a higher tax burden than the generations before them. In addition, they anticipate having to fund a higher proportion of their retirement with personal savings, as few will have pensions or inheritances to fall back on. They will need help from highly trained Real Wealth Managers who understand their fiscal plight and are willing to build long term relationships.

Managing Financial Controls: Professional Advice Includes Digital Risk Management

By: Evelyn Jacks Posted in: Strategic Thinking, CRA, Canada Revenue Agency, Evelyn Jacks, Tax Specialist, tax courses, tax advisor, professional development
Like many industries today, the bookkeeping, tax filing and financial services are undergoing a major transformation. A key issue that’s emerging: the control of private financial data and after-tax results in a digital world. Highly-trained specialists, can bring big value as financial intermediaries and risk managers for their clients who are concerned about control of their financial records.

10 Reasons to Prioritize Succession Planning

Posted in: Strategic Thinking, succession planning, Evelyn Jacks, business succession, business leadership, Joanne Sigurdson, Jenifer Bartman, Executive Business Growth Specialist, Defusing the Family Business Time Bomb
Family businesses are facing the most explosive challenge in a generation.  A new book by Jenifer Bartman and Evelyn Jacks addresses the challenge head on, and explains how advisors and their clients who are business leaders can defuse this potential time bomb: late succession planning.  Advisors can also shore up their professional skills by studying the problem in depth in a new certificate course from Knowledge Bureau.

Helping Seniors: 10% Fail to Receive GIS

By : Walter Harder & Evelyn Jacks Posted in: Strategic Thinking, OAS, Evelyn Jacks, guaranteed income supplement, old age security, retirement income, GIS, Walter Harder, retirees, benefits for seniors, senior income, seniors in poverty, low-income seniors
According to Statistics Canada*in 2016, 4.9% or 289,000 of 4.9 million seniors in Canada were living in poverty. Yet, more than one in ten seniors who are eligible for the Guaranteed Income Supplement (GIS) didn't receive it in 2016-17. This is a big concern because, in fact, the number of seniors living in poverty is on the rise. So what’s the problem?

Skepticism Brewing? CRA Explores New Technology

By : Beth Graddon Posted in: Strategic Thinking, CRA, Canada Revenue Agency, privacy, CRA service standards, DFA - Tax Services Specialist, SecurKey
The CRA has been facing extensive scrutiny against their own service standards. Now, in a new initiative they are exploring ways for taxpayers to access their own accounts, protect their privacy, and verify their identity in government offices without the hassle of requiring them to bring multiple forms of identification. In addition, the initiative will make it easier for government agencies, banks and provincial licensing offices to share information with the CRA.