All items tagged with: taxpayer
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.
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.
Posted in: Strategic Thinking , CRA, knowledge bureau, Evelyn Jacks, income tax, tax penalties, tax filing, tax courses, financial education, errors and omissions, taxpayer, CRA call centre, Auditor General Report, CRA service standards, tax interest, Tax Payer Bill of Rights, tax return
An Auditor General report released last week indicates that the CRA is blocking calls and providing Canadians with inaccurate information, leaving many at risk of severe and expensive consequences in filing their tax returns. This is especially troublesome as Canadian taxpayers bear the burden of proof to justify the entries they submit on their tax returns.
Posted in: Strategic Thinking , Tax Planning, CRA, knowledge bureau, Canada Revenue Agency, Small Business, tax changes, income splitting, tax education, entrepreneur, CE summits, Walter Harder, income sprinkling, capital gains deductions, reasonableness test, taxpayers
The federal government has recently back-tracked on their plan to limit access to the capital gains deduction available to shareholders in a family business corporation, and that’s a very good thing, as the proposals would have cost family businesses a lot of money.
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.