Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

It was such a hit last month, we’re doing it again:  Speed Networking so save the date: September 8th at 3:30 pm CT.  The Society of Real Wealth Managers’™ invites you to Meet a Real Wealth Manager (RWM™) to discuss ways to collaborate to bring high value care in the best interests of your clients.

The government has promised to increase Old Age Security by 10% for seniors over age 74, but that increase won’t kick in until the July 2022 payments.  However, this month, a one-time payment of $500 (with zero withholding)  will be made to seniors who meet the following criteria:

Have you agreed to be an executor for a loved one?  I just know you want to be ready and informed about what to do when the time comes.  When it is time to ‘be’ the executor, you could very well be feeling the emotions of your loss.  For that reason, amongst others, the time to check into what is involved is NOW! 

The recently concluded Olympics were a thrill and a testament to the resilience of our athletes.  Their commitment has financial consequences, however. This is because athletes must maintain amateur status to compete.  For these reasons, trusts for amateur athletes allow for the deferral of qualifying income for up to eight years.   There are a number of tax consequences to be aware of, however, for the athletes and the amateur associations that promote the sports.

The Canada Revenue Agency (“CRA”) is a body corporate that, inter alia, carries out the duties and functions of the Minister of National Revenue (“Minister”). The CRA routinely audits Canadian taxpayers in order to ensure compliance with various taxation legislation, including the Income Tax Act and the Excise Tax Act.

Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. Everything is included, even the food, when you RSVP by August 23!