Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

Lots of great material has been released lately about global and Canadian wealth trends. Three works come to mind as must-reads...

Steve currently makes $84,000 in his small unincorporated business in BC; he wants to pay his new wife Carin half this amount, as they work together in the business. How much will the family save on taxes if they split income?

Either parent may claim the costs of adopting a child or they may split the costs as long as no more than the actual amount spent is claimed.

Many people have the misconception that gambling winnings are only taxable in the U.S. if you are a U.S citizen or resident, and that is simply not true.

Become a valuable resource to your clients as they develop succession plans for their businesses. Earn your MFA-Succession and Estate Planning Specialist™ Designation. Enrol by June 15 and attend DAW as our guest.

Have confidence that you will never run out of money – learn to maximize your long term financial security and minimize risk and taxes. Get your copy of Master Your Retirement today.