Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

“The first responsibility of a leader is to define reality.”  Max DePree, Chairman Emeritus of Herman Miller Inc. I love this quote because it sets out a challenge for leaders.  In an era of mistrust and “fake news” the responsibility of a leader is to demonstrate and define what is real and what is not, so that the organization, community or family can make sound decisions about the future.

Did you or your clients qualify for the $40,000 Canada Emergency Business Account (CEBA) loan?  If so, another $20,000 loan is available and up to half of this is forgivable if repaid by December 31, 2022. But the deadline for applying is this month on March 31, 2021.  Here’s what you need to know.

Most people would rather have teeth removed than face a tax audit. But, just what has to be kept for back-up purposes in a digital relationship with the CRA?   It’s an important question because CRA generally doesn’t want to see any receipts when the return is filed. Yet, certain tax documents are required to be filed in writing and that includes special elections. Do you know what they are?

It’s not unusual for the CRA to distribute information about tax evasion at the start of the tax season; after all it’s a great reminder of the stiff consequences for those who intentionally defraud the government, like a West Vancouver resident recently did.   

In your opinion, do Canadians feel they have to revise their retirement savings plans as a result of the pandemic?  Last month, advisors from across Canada weighed in on this question and the results may surprise you!

March 8 is International Women’s Day and one of the many things to celebrate is that women are becoming far more financially active.  This is a positive trend which enables better conversations about tax, retirement and estate planning, But advisors who fail to engage women, may well find themselves failing.