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All items tagged with: Canada Revenue Agency

Tax Pros Confirm: CRA Increasingly Aggressive with Audit Practices

Posted: December 05, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Financial Literacy, CRA, Financial Advisor, tax credits, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, income tax, tax courses, taxpayer bill of rights, financial education, tax preparer, filing tax returns, tax deductions tax audits, taxation issues, CRA audits, tax refunds

The majority of tax and financial services professionals agree: CRA has stepped up audit activity on returns of average Canadian tax filers.  Knowledge Bureau Report’s November poll found this trend emphasizes the value that financial and tax preparers can offer to Canadian taxpayers, as they grapple with a less-than-satisfactory experience with their tax department.

Become a Trusted Resource for Clients Faced with CRA Information Gap

Posted: December 05, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Financial Literacy, CRA, Financial Advisor, taxation, knowledge bureau, Canada Revenue Agency, tax returns, relationship management, Evelyn Jacks, tax services specialist, tax courses, distinguished financial advisor, taxpayer bill of rights, tax advisor, wealth management, financial education, DFA, tax preparer, small business tax, adult education, Auditor General Report, CRA issues, personal income tax, tax planner, online classes

While Canada Revenue Agency is under fire for failing to provide timely and accurate information to taxpayers, it’s clear that tax and financial advisors have an important role in filling that gap and in the process demonstrate unique value to their clients as trustworthy resources.  But the industry, too, must step up its knowledge in light of increasing complexity.

Ask Your Most Burning Tax Questions at CE Summits in January 18-26

Posted: December 05, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , CRA, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, Tax Specialist, financial advisors, tax workshop, CE summits, Knowledge Bureau Distinguished Advisor Workshops, tax season, financial workshops, advanced personal tax update, tax knowledge

Precise tax knowledge counts:  accurate tax preparation is the goal of every professional tax specialist and it is a tremendous value add for financial advisors and their staff who will field hundreds of calls from their clients this tax season. The winter edition of CE Summits Theme – Advanced 2018 Personal Tax Update, coming to six cities near you, begins Thursday, January 18 in Winnipeg. Register today and save on tuition fees.

CRA Targets Business PayPal Accounts

Posted: November 21, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Succession Real Wealth Management, Debt Management, Financial Literacy, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, voluntary disclosure program, tax debt, tax courses, debt and cash flow management, Marcia Elaschuk, financial courses, CRA debt, PayPal, online business transactions, CRA interest, CRA penalties, income tax filing, business tax, T2 Tax Preparation for Small Businesses

Do you or your clients use PayPal for business transactions? Did you report them on your tax return?  If not, you’ll want to correct those errors or omissions quickly under the Voluntary Disclosures Program (VDP), because you are in the sights of the CRA.  A federal court ordered PayPal to disclose information about all business account holders who received or sent a payment between January 1, 2014, and November 10, 2017.

How Should You Manage CRA Tax Debt?

Posted: November 21, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Debt Management, Financial Literacy, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, voluntary disclosure program, tax debt, tax courses, debt and cash flow management, wealth management, Marcia Elaschuk, financial courses, CRA debt, PayPal, online business transactions, CRA interest, CRA penalties, income tax filing, business tax, T2 Tax Preparation for Small Businesses

If you owe money to the CRA, but you can’t pay, what is the best course of action? For example, if you or your clients use Paypal for business and were not previously reporting this income on your tax returns, the new CRA requirements may leave you in a position where you have to pay taxes you weren’t anticipating.

The Paradise Papers, Pre-Budget Consultations and The Real Tax Gap

Posted: November 07, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking , CRA, DAC, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, evergreen explanatory notes, distinguished advisor conference, cross border taxation

This week brought more controversial tax news to Canadians: the Paradise Papers and a new tax “consultation”; this time in advance of the 2018 Federal budget.   The elephant in the room in both these stories is the unfinished “consultation” on the massive tax changes proposed for private businesses.