All items tagged with: Canada Revenue Agency
Posted in: Strategic Thinking, Current Issue , tax preparation, Real Wealth Management, CRA, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, Tax Specialist, tax compliance, holistic wealth management, holistic tax planning, financial analysis
Tax specialists add tremendous value over and above the role of a traditional tax preparer. Rather than just calculating and filing the annual return, they offer holistic tax planning advice to reduce a family’s overall tax liability over the long run. They certainly use their knowledge, experience and skills to maximize refundable and non-refundable tax credits in the short term; but their long-term role is deeper and broader.
Posted in: Strategic Thinking , Financial Literacy, CRA, Financial Advisor, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, tax penalties, tax instalments, tax literacy, tax education, prescribed interest rates, Walter Harder, unpaid taxes, tax payment, taxes due
The September 15 instalment deadline is looming. Many dread yet another payment to the CRA; after all, it seems like only yesterday that personal and business taxes due over the spring and summer were paid! Now is the time for tax and financial professionals to contact clients, estimate taxes owing for 2018, and navigate through taxing times if there is a cash flow crunch.
Posted in: Strategic Thinking , Financial Literacy, CRA, tax credits, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, Essential Tax Facts, tax deductions, tax education, Canada Caregiver Credit, medical claims, senior caregiver, Family Caregiver Credit, Credit for Infirm Dependants, Compassionate Care Benefits, tax breaks
The Canada Caregiver Credit (CCC), new in 2017, is still poorly understood and a complicated tax break to explain. For these reasons, many Canadians have missed claiming it. Tax and financial advisors who really want to help families under medical stress can make a big financial difference will add it to their year-end review and adjust 2017 tax returns for missed claims.
Posted in: Strategic Thinking , Debt Management, knowledge bureau, Canada Revenue Agency, GDP, interest rates, Bank of canada, Evelyn Jacks, distinguished financial advisor, inflation, prescribed interest rates, Real Wealth Manager, steven Polaz, mortgage interest, Canada's economy, prime lending rate, paying down debt, variable rate, fixed rate, housing affordability
Inflation has hit its highest point since February 2012’s 2.6%. It now sits at a lofty 2.5%, and is expected to hold steady until the second half of 2019. Poorly understood, inflation, together with high taxes and rising interest rates, is a great wealth eroder.
Posted in: Strategic Thinking , tax preparation, CRA, investments, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, Essential Tax Facts, tax filing, tax courses, master financial advisor, distinguished financial advisor, employment insurance, retirement income, tax education, tax return, personal amounts, double taxation, cross-border tax, Canadians abroad, surtax, non-resident, Canadian emigrant, Canadian expatriates, tax treaaty, Canadian immigrants, non-resident tax, world income
Summertime is family time; but it is also the time of year when people prepare for big life changes taking place in the fall. Young adults make plans to work abroad, travel or go to school and empty-nesters journey to warmer climates. However, non-residency comes with tax consequences, so a visit to a tax advisor should be part of your travel preparation.
Posted in: Strategic Thinking , tax preparation, CRA, tax credits, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, disability tax credit, RDSP, Registered Disability Savings Plan, tax education, diabetes, Diabetes Canada, tax refunds, rejected claims, life-sustaining therapies claim, Senate Committee on Social Affairs, Distinguished Financxial Advisor
Last year, following a bitter public controversy, the CRA re-assessed 2,267 rejected claims from diabetics applying for the Disability Tax Credit (DTC). The good news? Now 1,326 have now been approved – that’s 58 percent! But these Canadians will wait up to 30 weeks for refunds; an issue that has prompted a further Senate response.