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All items tagged with: Canada Revenue Agency

The Tax Refund: Friend or Foe to Wealth Management?

Posted: January 15, 2019 By: Evelyn Jacks By :
Posted in: Strategic Thinking, Current Issue , CRA, Canada Revenue Agency, rrsp, tax filing, tax refund, tax-efficient retirement planning, TD1, tax return, Individual Income Tax Report, tax filing statistics

The Statistics Canada’s Individual Income Tax Report*released on January 8, highlighted just how much Canadians are being over-taxed by the CRA. With average tax refunds coming in at $1,757 for the 2018 filing season, many taxpayers are effectively providing the government with interest-free loans of approximately $150 per month for up to 16 months before they see their refund. Just how much is that really costing you?

Ranking Canada’s Tax System: Compliance Burden Not So Bad?

Posted: December 19, 2018 By : Beth Graddon
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, income tax, Taxpayers' Ombudsman, tax calculators, business taxation, CRA service standards, Income Tax Courses, taxes, Canadian tax

It takes 131 hours per year for the average small business to comply with CRA demands, but that’s actually not that bad, comparatively speaking, according to some recent reporting.

How to Improve Service Levels: Tax Pros Give Advice to CRA

Posted: December 04, 2018
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, Small Business, tax courses, cra business services, Canadian economy, entrepreneur, Auditor General Report, CRA service standards, CRA business enquiries

On the heels of recent criticisms by the Auditor General, Knowledge Bureau Report readers weighed in on CRA service levels and they were conclusive: 87% of last month’s poll respondents say that the CRA needs to work harder. They cited a myriad of issues from 32-week wait times for a T1 Adjustment to the need to correct CRA’s errors, some of them big. 

Wait Until 2020 for CRA Service Standard Improvements

Posted: November 27, 2018 By : Beth Graddon
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, Taxpayers' Ombudsman, taxpayer bill of rights, tax education, CRA service standards, Auditor General, CRA business enquiries

A year after the Auditor General Report that took the CRA to task over its service standards, this fall’s report delivers further criticism. This time, CRA is being called out for its inconsistent practices and in addition, this latest critique follows the news that the implementation of call centre improvements has been delayed again.

Snowbirds: Tax Consequences When Substantial Presence Test Isn’t Met

Posted: November 27, 2018 By : Dean Smith
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, distinguished advisor conference, Cross Border Tax, snowbirds, Dean Smith, IRS, Canadians in the US, living abroad, Cadesky Tax, U.S. tax reform, substantial presence test, U.S. tax return, Interal Revenue Service

Are snowbirds required to file a U.S. tax return? In this week's article, Dr. Dean Smith shares tax requirements for those who don’t meet the substantial presence test.

Take Up Rate for Canada’s Federal Benefits is Extremely Low

Posted: November 12, 2018
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, tax deductions, Diane Lebouthillier, Federal Benefits, Childcare benefit, Chief Service Officer, DFA - Tax Services Specialist, Income Tax Courses

New data shows just how many Canadians lack access to federal benefits they’re eligible to receive. This was a topic of discussion with Pierre Labbee, an outreach manager for the Canada Education Savings Program at the recent Distinguished Advisor Conference. But now an annual benefit review of the Canada Child Benefit reveals that this benefit in particular is underused, despite it being accessible to millions, and one of the reasons is a difficult relationship with the CRA.