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:

The 2014 T4 slip is now available and contains a couple of changes of note.

Do you have red-tape reduction ideas that will assist businesses in their dealings with CRA? 

Tax and financial advisors should make an effort to review their clients adjusted cost base records as part of the annual Year-End Tax Planning routines now 'til the end of the year, especially if the family owns a taxable cottage property. 

Learn how to expertly advise business owners about year-end tax planning and the best way to manage after-tax family income and the investment in the family business to meet future goals at the Year-End and Business Succession Planning Bootcamp this November.

Fall is the perfect time to focus on professional development. Take advantage of a number of upcoming live events and earn valuable CE credits with Knowledge Bureau.

On October 9, 2014 the Federal government made good on an April 2011 election promise and increased the Child Fitness Tax Credit to $1,000 from the previous maximum of $500.