Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

Market volatility can bring unsavoury investment results. If you panicked and locked in your losses in your non-registered investment accounts, you may find that you are still stuck paying an investment loan. Is that interest going to be tax deductible? Read on to learn more:

A special gala event will honour Knowledge Bureau’s 2018/2019 designates at the Distinguished Advisor Conference November 10-13 in beautiful Puerto Vallarta, Mexico. Sponsored by Cadesky Tax, this gala event will honour those who complete their designation programs by August 15. Conference registration fees conference will be waived for this year’s designates. Those who finish their diploma programs (marking the halfway point in the designation pathway) tuition fees for the conference will be 50% off. 

Just over 2 Million Canadians are enrolled in post-secondary schools in Canada and about half of them incur debt to get through school. This, according to a recent survey by Maclean’s magazine, which also noted that nearly 2/3 of students don’t have an RESP. That means they have no Education Assistance Payments (EAPs) to fund education costs. Here’s how they work.

If you are a student at Knowledge Bureau, Kelly Malloy is a name that may sound familiar. She’s with you (literally!) as an undergraduate in the MFA™- Executive Business Growth Specialist designation program. Kelly, who is also the newest member of Knowledge Bureau’s team of Relationship Managers, helps students make decisions about courses and programs to accomplish their career goals; all while she’s enhancing her own training and knowledge.

On May 17, the finance department presented draft legislation to amend the Excise Tax Act to begin to treat cryptocurrencies in a manner similar to legal tender. The changes are deemed to have taken place on May 18, 2019 and introduce a new term: the virtual payment instrument.

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.