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. 

With the U.S. election results and the subsequent crash of the Canadian immigration site, now is likely a great time to brush up on the rules for cross-border taxation and for U.S citizens living in Canada. Knowledge Bureau covers the subject in its online Cross Border Taxation Course and will also devote a half day to the subject in the May edition of the Distinguished Advisor Workshops.

"I always like to look on the optimistic side of life, but I am realistic enough to know that life is a complex matter." Walt Disney

The Trump win in the US provides an opportunity for professional financial advisors and their clients to come together and review strategies for meeting financial goals in anticipation of global change.  Having a great Plan “A” for financial decision-making is critical anytime; but in times of great change a smart and insightful Plan “B” can make all the difference in getting the right long term results.

Are you managing your assets with tax efficiency?  This year make sure both you and your spouse review your personal net worth statements to ensure your tax advantages are taken advantage of.  Here are three tips to consider.

This is the time of year that high net worth clients are looking for one more tax saving opportunity before year end.  Donations of flow-through shares, commonly available from corporations in the oil & gas, mining and renewable energy sectors, will still be allowed. However, many tax and financial advisors will want to brush up on their knowledge of the subject first.

The most recent Distinguished Advisor Conference tour saw an unprecedented level of deep thought on the integration of the Canadian personal, corporate and trust tax structures as the sustainability of family wealth was under scrutiny in Toronto, Winnipeg, Calgary and Vancouver.