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:
CRA recently published the prescribed allowable mileage rates for simplified travel deductions and determined that it was cheaper to drive in Alberta in 2014 than the previous year.
According to Maria Cannizzaro of Montreal, PQ, the T2 Corporate Tax Preparation for Micro Business Course taken with Knowledge Bureau is the “most exciting and motivating course” she has ever taken.