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:

Cheryl Norton brings her expertise on tax-efficient business exits to the 2014 Distinguished Advisor Conference as part of Tax Planning for the BIG Exit: Thinking Big With the $800,000 Capital Gains Deduction.

In Managing the Bull, sophisticated (and common sense) insider financial strategies and processes are made easy to understand in a compelling and fun approach.

Can you manage the entire payroll cycle? Can you increase the after-tax results for employees? Find out how with the newly updated Advanced Payroll course.

Want to open your own tax preparation or bookkeeping business? Need to train your staff? Become a Distinguished Financial Advisor – receive 50% off your first designation course!

Of the 216 votes in our June 2014, 65% of KBR voters strongly voiced their opinion in our against employment insurance being subject to a clawback on the tax return.

Old Age Security and the Guaranteed Income Supplement are indexed quarterly based on changes to the consumer price index. As of July 2014, the amounts are increased by 1.28%.