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:

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Starting July 1, 2014, the new Canada Anti-Spam Law requires businesses to obtain consent from their clients to continue sending email communications.

Did the Heartbleed security error cause concern about filing online with CRA? 64% of KBR readers said ‘no.’

The second quarterly instalment for 2014 will be due on June 15. It’s important to minimize that payment and keep your clients’ money invested.

In Ullah v. The Queen, (2013) TCC 387, the Honourable Mr. Justice Paris had to decide whether the appellant was entitled to the wholly dependent person credit (the amount for an eligible dependant) for her 2006-2009 taxation years.

What is wealth? Many people don’t think that "wealthy" describes them or their lifestyle, but to the outside world they may seem quite affluent. Wealth really is more about a state of mind than an actual number.