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:

Hindsight is always 20/20 and sneaking that crystal ball glimpse into the future is next to impossible. For many of our KBR readers, if they only knew then what they know now, they would agree that retirement planning should start early in life.

Bill C-60 passed into law on June 26, 2013. This contained the tax provisions in the March 21, 2013 federal budget. Knowledge Bureau has been busy updating its tax courses in the DFA-Tax Services Specialist program to incorporate the changes. A second summer school session begins August 6. Be sure to register before July 31.

Income from both domestic and foreign sources must reported on the Canadian tax return by residents of Canada. Starting with the 2013 taxation year, the CRA will require Canadians holding foreign property with a cost of over $100,000 to file out a new, enhanced Foreign Income Verification Statement (Form T1135).

Planning for caregivers of the sick and the disabled is an important role for Real Wealth Managers™ who are well connected to their clients. Often the biggest concern for caregivers is the maintenance of income sources while they give care to their sick loved ones.

How will the continued weakening of the Canadian Dollar affect personal and family net worth? It’s an important question, especially for families who have recently purchased US property and are forced to pay soft costs with a diminishing currency.  Planning is required.

CRA will proactively adjust the due date for all federal business and other returns filed in Alberta that were due during the flooding. A federal business return filed by August 2, 2013, will be considered as filed on time.