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.

How maxed out is your time?  Most business owners struggle with this – too much to do, too little time.  To prioritize consider:  are you spending more time working on the creation of income or the creation of wealth?  They are conjoined for sure, but by executing on financial priorities that are critical in all the important spheres in your life –in a healthy balance – you will likely achieve more of both. 

Are you passionate about honing your technical expertise, building your businesses as well as personal connections?  Then you will want to engage with Canada’s top tax and financial influencers – and join their ranks – at Canada’s only multi-disciplinary conference November 10-12 in Montreal:  the 2024 Acuity Conference for Distinguished Advisors!  We are so pleased to announce the return of Pro Tax Block and Mandeep Duggal as this year’s Title Sponsor.  Mandeep is an inspirational and influential new business leader in Canada.  Take a moment to find out why:

Would you like to earn the coveted FDFS™ Designation? These Distinguished Fellows are honored for their distinguished services as influential thought leaders, who have demonstrated a commitment to the noble cause of teaching and writing by engaging others in the high standards of knowledge they share. In doing so, they have also demonstrated an extraordinary commitment to shaping the future of the tax, accounting and financial services industries. Here’s how you can get involved:

The RWM can make a huge difference in how you grow your future business and influence the wealth accumulation, growth, preservation and transition your clients are making decisions about.   We invite you to take a few minutes now to watch the Meeting of the Minds session with Alan Rowell,  RWM™, MFA™, DFA-Tax Services Specialist™, FDFS™ who provides his “Why” –  the evolution of the difference it made for his firm, the valuation of his company and the culture that prevailed for his dynamic employees. Plus, take advantage of a special offer: save 15% when you enrol in the RWM™ Program with code RWM15.  Offer ends June 30.

A detailed Notice of Ways and Means Motion (NWMM) outlining important changes to the Canadian tax system were introduced in the two weeks before the existing rules on capital gains inclusion end on June 24, 2024. The capital gains inclusion rate will be raised to 66 23% for corporations and trusts, as well as individuals with capital gains over $250,000, on or after June 25, 2024 if this NWMM passes into law.  The complexity it brings to tax filing in 2024 and future years, is evident in this draft legislation. For even more detail, subscribe to KBR and download our Special Report on Capital Gains Inclusion Rules.

In our last article on this subject, current tax rules on ESOPs were covered.  In the absence of proposed legislation that enables the federal government’s proposed increase in the Capital Gains Inclusion Rate (CGIR), recall that it is anticipated that if the individual’s total gains for the year exceed $250,000, two-thirds of gains over the $250,000 threshold would be included in income if they were generated after June 24, 2024.  Here’s a synopsis of the effect of this change on ESOPs to initiate discussions with business owners, key employees and tax advisors: