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:

Back in 1980, unanimously, and without much debate at all, Parliament enacted Section 347 of the Criminal Code with the objective of combating “loan sharks”.

Planning ahead can ensure more of your financial legacy remains intact once you’ve continued on with your journey.

You can use a 0% capital gains inclusion rate, rather than the normal 50% rate when transfer qualified securities to your favorite charity, including a private foundation.

So, you have identified a business that you would like to acquire, but you are not sure which method you should use to do so, and how to best structure the deal to best avoid the tax man.

To cushion errors in contributions due to fluctuating RRSP room, an over-contribution limit of $2,000 is allowed without penalty, provided you are at least 18 in the preceding taxation year.

Knowledge Bureau is pleased to be a sponsor at the IPBC convention being held September 20-22 in Mississauga, Ontario.