All items tagged with: income tax act
Posted in: Strategic Thinking , Financial Literacy, CRA, knowledge bureau, Canada Revenue Agency, income tax act, Evelyn Jacks, income tax, tax deductions, tax education, financial education, small business tax, tax benefits, taxpayer, farming tax, fishing tax, agriculture tax, Capital Gains Deduction, corporation shares, disposition dates, spousal taxation, agricultural property, fishing property, business partnership, business taxation
With proposed changes looming to the eligibility for the Lifetime Capital Gains Exemption (LCGE), which becomes the Capital Gains Deduction on the personal tax return, tax and financial advisors are well advised to review the rules and have discussions with their clients on whether any year end planning opportunities should be pursued.
Posted in: Strategic Thinking , CRA, tax credits, knowledge bureau, Canada Revenue Agency, tax avoidance, income tax act, Evelyn Jacks, tax evasion, taxpayer bill of rights, criminal code, Excise Tax Act, tax deductions, tax education, business expenses, CRA audit, audited by the CRA, audit process, tax laws, Canadian businesses, individual tax returns, income tax returns, income tax audit, tax write-offs, home office deductions, rental properties, tax issues, John Tucciarone, Chartered Professional Accountants of Canada
The Canada Revenue Agency completed nearly 112,000 audits during fiscal 2016-17, according to a government report on recent efforts to crack down on tax cheats. If you or your clients are chosen for an audit, there are a few best practices that can help you through the process.
Posted in: Strategic Thinking , CRA, tax court, knowledge bureau, Canada Revenue Agency, income tax act, Evelyn Jacks, income tax, tax courses, tax preparer, Canadian income tax, history of income tax, tax history, Income War Tax Act, income tax appellant process, notice of assessment, Tax Review Board, Superior Court of Record, Income Tax Appeal Board, Canada celebrations, important dates in Canada, Canadian history
National income tax is such a given in western economies that we lump it in with death as being unavoidable and portray the “Taxman” as some kind of grim reaper. But, in reality, federal income tax is a fairly recent invention — in Canada, we’ve just now reached the 100-year anniversary of the practice.
Posted in: Breaking News, Economic News, Strategic Thinking , Federal Government, taxation, knowledge bureau, Evelyn Jacks, income tax, tax services specialist, distinguished financial advisor, tax education, financial education, tax preparer, Introduction to Personal Tax Preparation, tax reform, post-secondary education, financial services jobs, Canadian income tax, tax Canada, history of tax, history of income tax, Tax Acts, Income Tax Acts, tax preparer course, tax preparer certification, tax career, tax jobs
The 100th anniversary of personal income tax is coming up on September 20! On that day in 1917, The Income War Tax Act received Royal Assent, heralding in the first personal income taxes in Canada. Perhaps it’s high time you tackled the challenge and mastered the tax return and all it’s nuances? It’s an investment that could really pay off for you.
Posted in: Breaking News, Tax Planning , income tax act, taxpayer privacy
Currently the Income Tax Act (the Act) ensures disclosure of taxpayer information by Canada Revenue Agency (CRA) officials is specifically prohibited unless in relation to a criminal investigation or in emergency circumstances.
Posted in: Breaking News, Tax Planning , income tax act, Excise Tax Act, income Tax Regulations
On October 18, Finance Canada released proposed amendments to the Income Tax Act, the Excise Tax Act and the Income Tax Regulations for the remaining provisions from the March 21, 2013 Federal Budget.