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.

It’s the time to celebrate our innovative risk takers:  the Canadian Entrepreneurs! Small Business week is Oct 20-26!  We are celebrating with Tuition Fee Reductions on Business Tax and Management Courses from Knowledge Bureau.  As a DMA™- Small Business Management Specialist you’ll be position to help business leaders create and implement strategies, processes and plans that develop and enable business growth. Or take advantage of this educational opportunity to scale up your own enterprise to its greatest potential. Check out these special offers for the month of October!

New Capital Gains Inclusion Rates Change the Game: are you prepared to help?  Learn New Year-End Tax Planning Techniques from Our Special Guest Experts. Upskill Your Knowledge, Network Virtually with Canada’s Top Tax Experts plus earn 15 CE Credits before year end! 

Knowledge Bureau is pleased to welcome back Fraser & Partners as a Bronze Sponsor at the 2024 Acuity Conference for Distinguished Advisors Conference in Montreal November 10-12. Fraser & Partners is a collaborative team of specialists, and one of their firm’s core values is continuous learning. Connect with them at their exhibitor both during the conference, and learn more about their organization below.

Approximately 600,000 Canadian Controlled Private Corporations (CCPCs) which filed their 2023 corporate tax returns by July 15, 2024, and who have fewer than 499 employees, will receive a Carbon Tax Rebate by the end of the year. The federal government held up payment of $2.5 billion for the past 5 years, and so for some, the payments can be significant.  The President of the CFIB, Dan Kelly, who is a keynote speaker at the Acuity Conference for Distinguished Advisors (DAC) in Montreal, November 10-12, welcomed this news.

The federal government raised the Old Age Security (OAS) and Guaranteed Income Supplement (GIS)  benefits payable to seniors from October to December 2024 by 1.3%, based on changes in the Consumer Price Index (CPI).  In total seniors will have received an indexing adjustment of 2.8% in the 12-month period from October 2023 to October 2024.  Let’s examine who qualifies these benefits and how this indexing adjustment is calculated.

Did you know that Canada now has a Blueprint for a Renters' Bill of Rights?  It’s based on four principles the federal government wishes to align with a renter’s right to adequate housing. According to the government, the purpose of the Blueprint is to “express the Federal Government's policy objectives to build a national consensus to protect renters.”  But what does this mean for rental property owners? You may wish to discuss this with your clients who have concerns about their ability to collect rents and improve properties.