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:

Employees who leave their jobs and receive retiring allowances should include an RRSP strategy in their planning to keep more of that money.

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Advise private business owners and managers about the best way to manage their compensation to maximize the amount of after-tax income available. Gain a solid understanding of options available when constructing compensation packages, of the salary-dividend-bonus mix to maximize tax efficiency, and of constraints imposed by income tax and other laws so you can provide sound advice to your clients on compensation planning all year long.

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While tax practitioners keep their heads down to finish filing your tax returns, do-it-yourselfers who are procrastinators need to get on it!