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:

Attendees at the Distinguished Advisor Conference will receive a Cycle 5 number on their certificates to to be used until December 31, 2014. 

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.

Family income splitting and increased TFSA contribution room to $10,000 are on the horizon for Canadian families, said the Prime Minister last week, as Canada heads towards a small budgetary shortfall in the 2014-2015 fiscal year, as reported on October 6.

Good news for business! Starting January 1, 2015, the new Small Business Job Credit will replace the Hiring Credit for Small Business that was lost to small businesses in 2014 and only available from 2011 to 2013.

The maximum insurable earnings for 2015 will increase from $48,600 to $49,500.

Starting in 2017 the annual EI premium rate will set at a seven year break-even rate.