New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

The agenda is packed full of vital information tax and financial planning specialists need to know as we round out tax seasons 2022 and begin to plan to reduce taxes and build wealth this year and beyond.  The eight critical topics we have chosen for your May CE Summit provide cutting edge professional development to help beat your competition, bring high value to your clients and earn CE Credits too.  Register before May 17 to hear Canada’s best-selling financial authors and educators discuss:  

Canada lost a veteran financial journalist to COVID-related pneumonia last week. Al Emid was the co-author of two financial books published by Knowledge Bureau, Financial Recovery in a Fragile World, and What I Have Learned so Far and How it Can Help You, described below.

Did you know that The Central Bank Network for Indigenous Inclusion was established in 2021 by the Bank of Canada, the Reserve Bank of New Zealand, the Reserve Bank of Australia and the U.S. Federal Reserve to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues? Learn more about its mission and why it’s important.

A reassessment following an audit from the CRA is deemed valid and binding subject to being proved incorrect by the taxpayer on a balance of probabilities (above 50%). In order to prove that the reassessment is inaccurate, the taxpayer may have to disclose confidential or otherwise privileged corporate documentation at trial. However, these documents can be accessed by corporate competitors by searching the Court Registry at the Tax Court of Canada.

A financial plan matters, a lot.  Yet, close to 50% of Canadians don’t even have a budget. Further, only about 30% of Canadians knew what a financial plan is and how it could help them. That means there is a lot of potential for collaboration to get better financial results and achieve more financial goals.

As tax season picks up speed, there are some important dates and deadlines coming up to make note of and discuss with your clients.