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:

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Minister of Finance Jim Flaherty will launch the 2014 pre-budget consultations on Thursday, November 7, 2013 in Toronto. Knowledge Bureau Report readers are invited to forward their top three issues of concerns to Evelyn Jacks, President of Knowledge Bureau.

We asked in our October poll, “With the opportunity to use pension income splitting in the future to reduce taxes, is investing in a spousal RRSP still a good idea?”, and the clear answer was “yes”.

The third annual Financial Literacy month was launched last week by The Honourable Minister of State (Finance) Kevin Sorenson and Lucie Tedesco, the new Commissioner of the Financial Consumer Agency of Canada (FCAC).

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2014 will increase to $52,500 in 2014, which is an increase from $51,100 in 2013, while the basic exemption remains at the current $3,500 level.

Agathe Côté, Deputy Governor of the Bank of Canada, spoke of one of my favorite subjects – the Promise of Potential – at the CFA Society Winnipeg/Manitoba Chambers of Commerce in Winnipeg on October 29.