Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

It has been 25 years since the General Anti-Avoidance Rules (GAAR) were implemented as part of our tax code; their application remains somewhat uncertain and experts disagree over its effectiveness.

It’s official: October 1 marks “year end tax planning season” and if you want to make it count, the best place to start making plans is to assess your personal and family net worth.  

Under Section 231.1 of the Act, an authorized person may, at any reasonable time, for any purpose related to the administration or enforcement of the Act, enter into a taxpayer’s premises, inspect and examine property, and require the assistance of the taxpayer to answer all reasonable questions in relation to the enforcement of the Act.

To everything there is a season, and for many, understanding the tax consequences of death on personal and family net worth is a crowning achievement that allows for a powerful wealth transition. This type of preparedness, unfortunately, is rare.

It’s important for you to file a tax return for children who have any earnings from active employment or self-employment.

Red Adair, an Oilwell Firefighter once said, “If you thought hiring a professional was expensive, wait until you try hiring an amateur!”