Bill C-31: Royal Asset and New CRA Powers Could Come Soon
Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:Tax Opportunity: Backfill Under-contributions to Tax-Efficient Savings
Fall is in the air which means, from a financial planning perspective, a transition to year-end tax planning activities! Tax savings are such an important hedge against inflation, but Canadians are missing out:
How to Utilize the Tax-Free First Home Savings Account (FHSA) and the Secret RRSP Benefit
The Department of Finance released draft legislation for public comment on the Tax-Free First Home Savings Account (FHSA) first announced in Budget 2022. The scheduled effective date is January 1, 2023; however, it will likely be little later in the year before firms start offering the option to clients.
Inflation Fans: Payroll Taxes Increase in 2023
CRA has just announced increases in the CPP and EI premiums – statutory deductions – that will be payable by employers and employees in 2023. In the case of EI (Employment Insurance), the rates had been frozen for two years; but now, with both plans becoming more expensive, these taxes on labor will shrink both take home pay for workers and cash flow for employers in an inflationary winter.
FHSA or RRSP HBP? The Vote was Close
Knowledge Bureau Report asked pros across the country whether the First Home Savings Account (FHSA) or the Registered Retirement Savings Plan (RRSP) is the better savings vehicle for home buyers. The vote was close.
DAC Acuity 2022: Tax Planning & Compliance – The Tax Quagmire for Ex-Pats
Annual dinner and announcement of 2022 Designates and Graduates with Dr. Dean Smith on Sunday Oct 16 at DAC Acuity 2022, plus a session on Monday led by Dr. Smith covering tax planning and compliance with a focus on ex-pats.
Grads and Designates: Official Transcript Study Term July 1 – September 30
Check out your official transcripts in the Graduate Lounge. Why? Find out if you qualify for new Specialized Credentials, re-certification options and most important - Early Bird Tuition Reductions for the fall term October to December 15.
