Bill C-31: Royal Asset and New CRA Powers Could Come Soon

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:

Grow your business as a Master Financial Advisor.

Year end tax planning for corporate-owner managers includes decision-making around the most tax efficient income streams - salary, dividends or bonus - for each shareholder in the family.

The Research Department at Credit Suisse has released its Global Wealth Report 2014, which measures trends in wealth across the world. Its key findings are that although economic recovery overall remains challenging, total global wealth has grown to a new record between mid-2013 and mid-2014, increasing to more than twice the USD level recorded in the year 2000.

Speaking this week at the Toronto Global Forum, Minister of State (Finance) Kevin Sorenson has called for renewed efforts in strengthening the global economic recovery from what the International Monetary Fund (IMF) Managing Director Christine Lagarde calls “the new mediocre.”  

Winnipeg, MB; October 27, 2014 — November is Financial Literacy Month in Canada, and the Manitoba Financial Literacy Forum is helping Manitobans sharpen their money management skills with the launch of its new website and 2015 calendar, offering helpful tools and lessons to empower people across the province to make responsible financial decisions at every stage of their lives.

On October 20, 2014 CRA launched the long anticipated electronic mail system for professional tax specialists registered under the Represent a Client portal.