July 2025 Poll
Do you believe Canada’s tax system based on self-assessment has suffered under recent changes at CRA and by Finance Canada? If so, what is the one wish you have for tax reform?Tax Freedom Day Comes Sooner When You Work with a Tax Pro
Tax Freedom Day is coming soon! That’s the day you start working for yourself instead of government. In fact, in Canada, we spend a lot more time working for government than our neighbors to the south do.
Tax Audits: Both the CRA and Taxpayers Have Rights
What are the taxpayer’s rights, and what are the rights of CRA during a tax audit? These answers can be found in the Income Tax Act S. 231.1. While surprise visits are unusual - a letter requesting certain files for inspection is more routine - an authorized person employed by CRA may actually visit, unannounced "at all reasonable times, for any purpose related to the administration or enforcement of this Act”. Here is what they can and cannot do:
Labour Market Strengthens: A Good Sign, But Will it Last?
Here’s some good news to end the month: the IMF expects Canada to be the second-fastest growing G7 economy in 2019 (second to the United States), and it’s tied for the fastest growing in 2020. Canada’s labour force has also introduced 1 million new jobs, most of them full-time, driving the unemployment rate to its lowest levels in more than 40 years. But, there is more to the story.
RESP: Take Advantage of Tax-Savvy Education Planning
It’s graduation time – such a wonderful moment of achievement for both the students and their parents! Share these essential tips and guidelines about the RESP with new families who are embarking on the savings journey towards a successful education outcome two decades from now. These are excerpted from the newly released Essential Tax Facts, 2019 edition.
Amy Wawia – MFA™ - Retirement and Succession Services Specialist
Amy is a graduate of the MFA™-Retirement and Succession Services Specialist program in Ontario. Amy had a special motivation for enhancing her education as part of her own succession planning. Her goal is to take over running her step dad’s tax and financial services business. Here’s her story:
Recession and Climate Change: New Economic Risks Ahead
Released on May 16, the Bank of Canada’s 2019 Financial System Review shows a shift in the economic issues that impact the financial future of Canadians. The good news is that household debt levels appear to be easing. However, there are new storm clouds on the horizon, especially for businesses. The biggest threats: the economic impact of climate change and record-breaking non-financial corporate debt levels.
