CRA’s Callback Service for Tax Pros Pilot

Are you a tax professional with years of experience? Have you ever felt frustrated after calling the CRA, having spent hours on hold, wasting your client’s or employer’s time, only to speak to CRA agents who aren’t qualified to answer your questions? The Auditor General of Canada was equally displeased in a scathing report last fall on wait times and accuracy levels at the CRA. Now a new CRA callback service may come to the rescue this tax season. Here is my experience with the pilot project so far:

Several interesting provisions were tabled in this budget, most notably a change to the way taxpayers apply for the Goods and Services Tax Credit.

Announcements were made related to farming and fishing businesses, CCA for clean energy generation, and a proposal for changes to the rules on Eligible Capital Property.

GST and HST changes were announced related to exemption of certain health care services, nil consideration elections for closely related persons, and registration compliance.

Previously announced changes that will be implemented this year affect auto expense deductions, labour-sponsored venture capital coporations, and GST/HST exemptions for hospital parking.

As critical as it is to understand what income is taxable in order to avoid expensive penalties, it is just as important to know what income is tax exempt.

I pay monthly for an options trading service that gives me options trade ideas that I execute in my non-registered account. Can I put the total annual cost of the service as an investment cost on my tax return?