Podcast: Automatic Tax Filing - Will It Work?

Last week Taxpayers' Ombudsperson François Boileau  tabled his annual report:  In Pursuit of Better Service: Taxpayers Deserve More.  once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years.  Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution.  A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive.  Consider the following:

Tax advisors must select industry classifications as they prepare tax returns for their business-owner clients. They will be interested to know that the North American Industry Classification System (NAICS), around since 1997, is updated every five years, and the most recent update was just released September 29, 2016.

It takes specialized skills to marry tax and financial planning competencies to help clients adequately fund tax-efficient income requirements. Now tax and financial advisors can certify to specialize and provide this new value-added service with the newly revised Tax-Efficient Retirement Income Planning Course.

Are you aware of all of the latest changes announced as recently as this month that will affect tax-efficient wealth planning for your clients?

"I’m not afraid of storms, for I’m learning how to sail my ship." Louisa May Alcott

Statistically, over 40% of marriages will end up in divorce, however, there are likely many more not tracked by Statistics Canada.  This is a costly life event.

It’s that time of year: Finance Canada is doing pre-budget consultations and wants you to weigh in on what you’d like to see in the 2017 federal budget. The department has launched a savvy new consultation site with new multi-media opportunities to contribute your best thoughts.