Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

Want to start your year by doing something good?  Make it a commitment to give more to charity. Typically, tax deductible gifts are cash; however, don’t forget you may also give gifts in kind and receive a donation receipt. It’s the gift that keeps giving back, Working with an MFA-P™, a professional trained in strategic philanthropy can help.  Here are some tax tips to consider:

It’s time to take note of the tax filing requirements and investment opportunities that now that we’re into the first quarter of the year. This is an important timeline for investors making TFSA and RRSP contributions, as well as interest payments on inter-spousal loans.  In addition, there are some important dates to note with regards to the Canada Workers Benefit (CWB) and other COVID-19 related benefits. Mark your calendar and discuss these January and February tax and investment planning milestones with your clients.

Canada’s Leading Advanced Tax Update course as featured in the January 19 Virtual CE Summit is now available online.  It’s like having your own tax PVR! Take a comprehensive online course with outstanding expert presentations from Canada’s leading tax minds for the low price of $695 (save $200) when you register by March 15. Brush off the cobwebs and learn at your own time with everything you need to prepare for the upcoming T1 tax filing season.

Do you have complex tax questions difficult to find on the CRA website?  Are you too busy for long wait times on the phone with the CRA?  At Knowledge Bureau we have a great solution to help you save time and money and answer more tax questions from your clients with confidence.  Plus, it links directly to all pertinent CRA forms, guides, folios, the Income Tax Act and much more!

There is good news for business owners who continue to struggle through the pandemic:  CEBA loan repayments have been postponed for a year.  Here are the details: in light of the new developments of the Omicron variant of Covid-19, the Federal Government is preparing a battery of measures to assist Small and Medium-sized Businesses.

Hello and Happy New Year! Welcome to a new column, which I am excited to share with you.  The purpose is to think about the practical applications arising from tax and economic issues of the day and what impact they have on the lives of your clients.  Today, my musing are about Getting the Right Outcomes.