Knowledge Bureau Report

2020 Tax Season:  Will Small Business Owners Get Interest Relief?

By : Evelyn Jacks Posted in: Strategic Thinking, Current Issue
Unincorporated business owners, including gig workers, have until Tuesday June 15 to file their T1 returns without penalty. The government has made it clear that late filing penalties will be applied this year; that happens when you have a balance due as of the filing due date. However, will there be flexibility on interest charges? Yes, but not in every case and business owners must pay attention to this. 

Tax Season 2021: Unprecedented Statistics

By : Beth Graddon Posted in: Strategic Thinking, Current Issue
Nearly 56% of Canadians have yet to file their tax returns, according to CRA’s April 12 processing statistics,  so there is a lot of work left to do for the tax filing community.  We’re also seeing some new trends:  with over 13 million returns processed, average refund are down and so are average balances owing.

7 Key Tax Tips: What’s New in 2020 for Proprietors and Farmers?

Posted in: Strategic Thinking, Current Issue
Be sure to ask your self-employed clients for the details behind all the new tax provisions they may need to address on their 2020 tax returns. Here are seven issues you will want to discuss:

Your Strategic Re-Discovery Journey Begins at Virtual DAC 2021

Posted in: Strategic Thinking, Current Issue
It’s official: Canada’s most innovative virtual conference for leading tax, accounting and financial professionals is coming back in an enhanced interactive online format for a second year, for an even more outstanding professional education experience! We are proud to unveil Virtual DAC Acuity 2021, our speakers and sponsors, and an incredible enrolment opportunity until April 15 – you save $1000!

Provincial Budget Round-Up 2021

By : Evelyn Jacks Posted in: Strategic Thinking
Several provinces have already introduced their 2021 provincial budgets, and today we're providing a round-up of what has been announced so far. Notably, the British Columbia budget will be released until April 20; and Newfoundland has not yet announced its budget date. More details on the April 6 Saskatchewan Budget and the April 7 Manitoba Budget appear below:

Pros Comment on CRA’s Services

By : Beth Graddon Posted in: Strategic Thinking
As the April 30 tax filing deadline rapidly approaches, we’ve been hearing from the tax filing community about long, long waits for urgently needed CRA answers to client issues. More are having success obtaining information through the CRA Represent a Client Portal. However, it seems their phone service is proving to be a challenge for both taxpayers and tax pros alike. Greg Clark of Greg Clark Accounting and Tax Inc. in Winnipeg shares his experience: