Wildfires: Apply for Taxpayer Relief Provisions

Canadians affected by wildfires may also be concerned about the tax consequences of lost records or missed filing deadlines. Fortunately, the CRA offers Taxpayer Relief Provisions for circumstances beyond a taxpayer’s control. These can apply in cases involving natural disasters, serious illness or death in the family, or errors made by the CRA—any of which may lead to late or incomplete tax filings and trigger penalties or interest. Here’s what you need to know.

If you have ever wanted to be a hero, consider the gratitude that comes from helping business owners understand how to steer clear of trouble on a tax audit or making sure seniors don’t overpay their September 15 or December 15 quarterly tax instalment.

A new report entitled Haves and Have-Nots, was released by the Broadbent Institute from customized reports prepared for it by Statistics Canada from the Survey of Financial Security. 

Resolution to seven key issues are required to make the RTPP (Registration of Tax Preparer Program) a success.

What’s a qualified tax efficient retirement income planner worth? A lot, it turns out, especially to clients who want to more effectively build net worth for retirement, but also to those who are frustrated with high taxes on their pension income and the lack of freedom that comes with eroded purchasing power on their savings.  

The sweet spot in wealth management statistically lies with the 55 plus crowd, whose net worth is the highest in Canada, but they are increasingly elusive, spending summers at the lake, and winters in the south.

People can retire at any age, but it is increasingly rare for people to simply go from earning income from employment or self-employment directly to withdrawing income from investments and other sources including pensions.