New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

An argument that is mathematically possible will not avail a taxpayer who is found by the Court not to be credible.  That was the unfortunate result for a taxpayer who took on CRA in a case of unreported income.

Last week we discussed reasons why an increased TFSA contribution limit is very helpful in building wealth for seniors. But the TFSA is an even more powerful tool for millennials, who should maximize their contribution room to build a tax-free retirement surplus that is potentially increased by the longer compounding time afforded to the young.

We’re in the midst of one of the biggest platform shifts in a generation and our data shows that there is a new 24 hour expectation of service that comes with it, says Rachelle Amyotte, Intuit Canada’s Accountant Business Development Leader, who will be a keynote speaker at the Distinguished Advisor Workshops.

Knowledge Bureau is pleased to announce another five certificate courses will be published by the end of October to cap an ambitious year of renewal in the content management division.

Especially in a low interest rate environment where it is difficult to beat inflation and tax erosion without incurring market risk volatility, any rollback of the TFSA contribution limit to $5500 from the current $10,000 would affect seniors, as well as young adults trying to save for their futures, too.

As of today millions of taxpayers’ financial information will be shared between US and Canada under FACTA.  Financial advisors, institutions and account holders all face increased reporting and due diligence requirements and, as a result, advisors are reminded to review their clients’ citizenship status to ensure that proper records are in fact available to the reporting financial institution.