Pre-Budget Consultations Now Underway!

Pre-budget consultations are now underway for this fall’s Federal Budget and Canadians are invited to share their views with Finance Minister Francois-Philippe Champagne through an online survey. Over the next several weeks, the Finance Minister and his team will meet with various stakeholder groups and review public submissions before finalizing the budget.

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.

If you’ve lived in a prescribed northern or intermediate zone for a period of at least six consecutive months beginning or ending in the tax year, you may be able to claim the Northern Residents Deduction on Line 255.  Not sure if you qualify? 

Alan Rowell, MFA, DFA-Tax Services Specialist, shines a light on a new communications issue at CRA...how would you advise a client with this problem?