Bill C-31: Royal Asset and New CRA Powers Could Come Soon
Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:Mark Your Calendar
Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC Nov 6 -9.
Life Purpose
"I am grateful for the blessings of wealth, but it hasn't changed who I am. My feet are still on the ground. I'm just wearing better shoes.”
- Oprah Winfrey
Tax Tips: What Expenses Can Commission Salespeople Claim?
Employees who earn their living negotiating contracts for their employers or selling on commission may claim certain itemized sales expenses, income tax preparation costs, legal fees incurred to defend charges incurred in the normal course of business, as well as auto and travel expenses.
High Earners Could Pay More in Manitoba
Ready for a fourth tax bracket? That’s just one piece of news in the Manitoba Economic and Fiscal Outlook delivered March 8, in advance of provincial election in which the current government will face significant challenges; now even more so with the announcement of a $770 million deficit.
Precise March 15 Instalments Lead to 5 Wealth Enhancers
It’s important that fragile investments stay intact as markets recover. For this reason, it makes absolutely no sense to overpay any personal income taxes in advance on the March 15 quarterly instalment remittance deadline. Astute tax and financial advisors will make sure their clients encroach on only the right amount of capital for these purposes, especially if they are retirees.
In the Red: Canada’s Account Balances
According to Statistics Canada, Canada’s fourth quarter current account deficit has increased by $0.1 billion to $15.4 billion. This is a seasonally adjusted amount. On an annual basis, our current account deficit increased from $44.9 billion to $65.7 billion in 2015.
