News Room

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.

September 18 CE Savvy Summit: Update on New Tax Provisions for 2024 & Beyond

Canadians’ relationship with the CRA’s enlarged department has changed substantially, along with the digital environment it operates under.  Add to this a barrage of new tax measures and new powers bestowed on CRA, and it spells Audit Risk.  Tax audit defence is now a key component of every professional’s duty to their clients, including financial professionals, who find themselves answering more tax planning questions as tax accountants focus on tax compliance.  Come up to speed quickly in the comprehensive CE session at the September 18 CE Savvy Summit Virtual Event, as Canadian best-selling tax author and educator, Evelyn Jacks overviews recent new tax measures for:

Asset Management: Managing Retirement Fear Factors | Douglas V. Nelson

Ever listened to Canadians on a beach in a far off land thinking about how they can continue to fund their expenses in Canada and abroad? Will they have to sell the home, the cottage or the condo in Mexico to make ends meet? Worse, will new capital gains taxes compound their cash flow problems if they do? These real life decisions would be made so much easier if their financial portfolios could provide a safe haven to cover such unexpected new risks. Join Douglas V. Nelson as he discusses these topics in a session sponsored by BCV Asset Management entitled Managing Retirement Fear Factors at the 2024 Acuity Conference for Distinguished Advisors November 10-12 in Montreal.

Earn a New Certificate in Lifecycle Transitions Planning

Especially for experienced financial services professionals!  Earn a new Certificate in Lifecycle Transitions Planning. Choose 15 from a selection of 80 micro courses with one important focus:  to help you engage more effectively in tax-efficient wealth management conversations during this period of significant – and potentially expensive – tax change in Canada. Customize your CE and your business education to scale your business to the next level of growth.  Why are CE Savvy™ Micro-Course Collections the educational choice of savvy professionals?  Check it out:

Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

Win Trust With New Clients: Help CRA’s Digital Requirements

It’s surprising how difficult and frustrating it can be for taxpayers to navigate their digital relationship with CRA.  Figuring out how to make payments to CRA at the local bank without the right remittance forms can be a major obstacle. So can setting up My Account; a requirement to engage you and set up Represent a Client authorizations.   Providing assistance with this is an important way to win the trust of a potential new “client for life”, especially when multiple accounts and filing requirements are involved.   Consider the following:

No GST/HST Collection Required Psychotherapists and Counselling Therapists

Did you know that as of  June 20, 2024, some psychotherapists and counselling therapists practicing are no longer required to collect the GST/HST on their services? Now, their GST/HST accounts may need to be closed.   Here is what you need to know:
 
 
 
Knowledge Bureau Poll Question

Are your clients owed money by CRA? As of March 31, 2025, the CRA holds about 10.2 million uncashed cheques totalling $1.7 billion. In your view, why is this happening?

  • Yes
    12 votes
    60%
  • No
    8 votes
    40%