The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

Knowledge Bureau’s Evelyn Jacks’ new book  Essential Tax Facts How to Make the Right Tax Moves and Be Audit-Proof, Too has incorporated the latest Federal Budget to help professional advisors and their clients in their relationship with CRA.  Featuring Audit-Buster Checklist and, this book can help you position yourself for greater success, post-tax filing season.

The theme of the 2018 Federal Budget announced February 27 is focused on Equality and Growth, and carries forward the 2017 theme of “a Strong Middle Class”. There are five key areas this budget addresses:

Review specific personal tax provisions announced by the Government in the 2018 Federal Budget.

New 2018 Federal Budget includes business tax provisions addressing tax changes for business income.

Review additional tax provisions announced by the Government in the 2018 Federal Budget.

March 1, 2018 is an important date for savvy taxpayers:  don’t miss topping up your RRSP contribution by this deadline. It’s a great investment for your retirement, of course, but it’s so much more powerful:  there are, in fact, three additional tax secrets most people don’t know about that can help you improve your finances.