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:

Tiff Macklem, Senior Deputy Governor of the Bank of Canada, told the Economic Club of Canada in Toronto last week that the Canadian economy needs annual growth of at least 2.5% to put a meaningful dent in the remaining slack in the Canadian economy.

Registered Disability Savings Plans (RDSPs) have been around since 2008 and they remain a lucrative savings plan for the disabled.

Winston Churchill once said: we make a living by what we get, but we make a life by what we give. It does feel good to do good. . .and doing good often attracts rewards as well. 

In a recent appeal to the Tax Court of Canada (TCC), Emily Sowah argued that the Minister of National Revenue (the Minister) was incorrect in disallowing her charitable tax credit for purported cumulative gifts of $10,252 in the 2006 taxation year.

If you have a commercial debt obligation—a debt on which interest would have been deductible in computing income from a business or property—and that loan is forgiven, you’ll have a tax consequence.

The Supreme Court of Canada (SCC) recently released its decision in Envision Credit Union v. Canada, a case concerning an amalgamation of two credit unions in British Columbia.