Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

An updated report from Statistics Canada at the end of September shows new information of the state of conjugal relationships in Canada.  The findings are interesting and surprising and provide a glimpse into family life in the country, based on the government’s definitions of conjugal arrangements since 1991.

It’s the time to celebrate our innovative risk takers:  the Canadian Entrepreneurs! Small Business week is Oct 20-26!  We are celebrating with Tuition Fee Reductions on Business Tax and Management Courses from Knowledge Bureau.  As a DMA™- Small Business Management Specialist you’ll be position to help business leaders create and implement strategies, processes and plans that develop and enable business growth. Or take advantage of this educational opportunity to scale up your own enterprise to its greatest potential. Check out these special offers for the month of October!

New Capital Gains Inclusion Rates Change the Game: are you prepared to help?  Learn New Year-End Tax Planning Techniques from Our Special Guest Experts. Upskill Your Knowledge, Network Virtually with Canada’s Top Tax Experts plus earn 15 CE Credits before year end! 

Knowledge Bureau is pleased to welcome back Fraser & Partners as a Bronze Sponsor at the 2024 Acuity Conference for Distinguished Advisors Conference in Montreal November 10-12. Fraser & Partners is a collaborative team of specialists, and one of their firm’s core values is continuous learning. Connect with them at their exhibitor both during the conference, and learn more about their organization below.

Approximately 600,000 Canadian Controlled Private Corporations (CCPCs) which filed their 2023 corporate tax returns by July 15, 2024, and who have fewer than 499 employees, will receive a Carbon Tax Rebate by the end of the year. The federal government held up payment of $2.5 billion for the past 5 years, and so for some, the payments can be significant.  The President of the CFIB, Dan Kelly, who is a keynote speaker at the Acuity Conference for Distinguished Advisors (DAC) in Montreal, November 10-12, welcomed this news.

The federal government raised the Old Age Security (OAS) and Guaranteed Income Supplement (GIS)  benefits payable to seniors from October to December 2024 by 1.3%, based on changes in the Consumer Price Index (CPI).  In total seniors will have received an indexing adjustment of 2.8% in the 12-month period from October 2023 to October 2024.  Let’s examine who qualifies these benefits and how this indexing adjustment is calculated.