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:

This year’s DAC Conference brings together an esteemed faculty of speakers whose thoughtful focus will be on rebuilding financial confidence for the thousands of clients the audience will serve this year.  It’s a groundbreaking and must-attend event, and the only one-of-its kind for tax, bookkeeping and financial advisors who wish to meld skills and collaborate to raise the bar in providing high value services to their clients.  Featured topics and speakers are:

Knowledge Bureau is pleased to recognize the achievements of its graduating class July 2019- June 2020 at the Virtual Distinguished Advisor Conference (DAC), October 28-30.  Be sure to find yourself and/or your colleagues and friends on the honor roll and graduating class list of Designates below. Congratulations are in order for all!

Check out our new calendar for your fall studies. Now is the time to enrol to study on your own time with online training or try and interactive Virtual Class Option. Act by September 15 to take advantage of early registration offers.

In 2019, the average Canadian family spent 42.6% of their household income on taxes according to a new study by the Frasier Institute.  Yet, they spent only 36.2% on the basic necessities of life, including housing, food and clothing. The issue for tax and financial professionals is:  what can be done to tip the scales in favor of funding basic necessities now, while preparing for a future that could include taxes, inflation, and unemployment?  Six strategies appear below.

Although the federal government recently extended some of the COVID-19 relief programs, including a September 26 CERB extension and a further plan to transition to a revamped EI program, other measures put into place are coming to an end. Specifically, those under the Office of the Superintendent of Financial Institutions (OFSI) umbrella that impact both pensions and loans, are transitioning back to normal.

The Canada Emergency Wage Subsidy (CEWS), which has generously provided emergency relief for wages paid during periods of revenue decline, has been extended, potentially to the end of the year. But there’s one big problem with the program, according to 65% of our August Knowledge Bureau poll respondents, and that’s complexity. Close to 700 financial professionals believe that the revamped program is too complicated, although many stated this complexity is likely required to ensure fairness. Here’s what they said: