Podcast: Automatic Tax Filing - Will It Work?
Last week Taxpayers' Ombudsperson François Boileau tabled his annual report: In Pursuit of Better Service: Taxpayers Deserve More. once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years. Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution. A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive. Consider the following:RTPP: Not Without Competency Standards
Knowledge Bureau’s February Poll asked tax practitioners whether CRA should implement the Registration of Tax Preparers Program (RTPP) to track and address recurring errors in professional tax preparation without setting minimum knowledge standards for both auditors and professionals.
Great News for Canadians: We’re Wealthier Than Ever!
Last week, Statistics Canada released the results of the Survey of Financial Security – conducted between September and November 2012 – and the news is good: the 2012 median net worth among family units has increased 44.5 per cent since 2005 to $243,800, and almost 80 per cent from 1999 – just 13 years ago.
CRA Not Above Law: The Implied Undertaking Rules
Taxpayers can take comfort that the “implied undertaking rule” still protects them when dealing with the CRA in pre-trial discovery, thanks to recent jurisprudence.
Evelyn Jacks: March is Tax Literacy Month
Tax literacy is important. Why? Because the tax return is the most important financial document of the year for most Canadians and many changes have recently made it more probable that they will do their returns incorrectly the first time.
Grad Spotlight - How the MFA Program Expanded Rick’s Level of Services
Rick Tomalty achieved his MFA-Succession and Estate Planning Specialist designation in 2012, and since then he has attended Knowledge Bureau's annual Distinguished Advisor Conference. We are pleased to have Rick as one of our distinguished grads.
Claiming Support Payments
The recipient of taxable child or spousal support payments must report those amounts as income and pay the tax.
