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. 

Just how much is too much tax? For whom? In case you missed it, Canada is in the midst of a contentious tax reform that increasingly advocates the defeated reforms of yester-year.

The head of the Royal Bank of Scotland came under fire this month for saying bank fraud victims shouldn’t expect automatic refunds. But the comments made by CEO Ross McEwan, essentially blaming consumers for being careless with their PINs and passwords, are already in line with how some Canadian banks handle consumer fraud claims.

“Anything that you learn becomes your wealth, a wealth that cannot be taken away from you; whether you learn it in a building called school or in the school of life. To learn something new is a timeless pleasure and a valuable treasure.” —C. JoyBell C. 

What does Canada’s economic future look like? How can your relationship management and prospecting strategies help you evolve your financial services business to remain at the cusp of innovation as the industry transforms?

The business community continues to voice concerns about the tax reforms proposed on July 18, 2017. These tax proposals target private corporations and their shareholders; specifically, tax rates on certain passive income could rise to 73 per cent, putting small businesses in particular at risk.

Join our online discussion: What are the greatest threats to the future of financial services?