Wildfires: Apply for Taxpayer Relief Provisions

Canadians affected by wildfires may also be concerned about the tax consequences of lost records or missed filing deadlines. Fortunately, the CRA offers Taxpayer Relief Provisions for circumstances beyond a taxpayer’s control. These can apply in cases involving natural disasters, serious illness or death in the family, or errors made by the CRA—any of which may lead to late or incomplete tax filings and trigger penalties or interest. Here’s what you need to know.

How do you rise above the disruption of technology and realign your value proposition with the values of your prospective new clients and the demands of your current book?

Something’s been missing on your tax return since 2015 and that’s the non-refundable tax credit for minor children. It was canceled in favor of the enhanced Universal Child Care Benefit and the new Family Tax Cut. Both those provisions have since been canceled in favor of the new Canada Child Benefit.

Things must be gearing up for a really busy week in tax accounting offices since the CRA has only received half the returns it is expecting for the 2017 tax filing year. It’s estimated that there will be 29 million tax returns filed this year. Is a big rush still to come before the May 1 deadline? In a word, yes.

Be warned that the CRA is taking tax avoidance and tax evasion more seriously than ever. The federal budget funded increased verification activities, additional auditors and specialists focused on the underground economy. A major focus of the CRA Criminal Investigations program has also targeted sophisticated taxpayers and promoters of schemes.

How do you define great advice? What services do you need to receive from your advisor that would compel you to recommend them to your friends and associates? In the tax business, that particular sweet spot occurs when the client says thanks and “see you next year.” But what happens to the standards of professional advice when a client’s health changes? Consider the following true-to-life scenario as an example. 

In celebration of Canada’s 150th year, Knowledge Bureau is pleased to put the spotlight on Canadian Financial Authors. This week: Rick Atkinson discusses Time Management – A Critical Retirement Skill.