Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

Many advisors have spent a good part of their lives building their business and have the bulk of their personal net worth tied up in it, making their practice their most valuable investment asset — the one they are counting on to help fund their lifestyle in retirement.

Although CRA will not make the official announcement until later this month, the prescribed annual interest rates for the fourth quarter will remain at the same rates as the prior three quarters. 

Subsection 227.1 of the Income Tax Act and subsection 323 of the Excise Tax Act provide that the directors of a corporation will be personally liable for their corporation’s failure to remit employee withholdings and GST.

Lots of people like to dabble in real estate when markets are hot. But there could be an unintended tax issue which could significantly erode wealth.

Joint tenants are often comforted by the doctrine of survivorship – the survivor(s) take the property absolutely upon the death of the other holder(s).

New research tells us doing retirement income projections induces people to increase their savings and feel more satisfied about their retirement savings adequacy. This must-attend live workshop will provide you with the best tools to prepare tax-efficient retirement income projections, and apply income averaging and income splitting techniques on cutting edge calculators using a case study approach. Limited seats available – reserve your spot by September 15!