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.

Using our Tax-Efficient Assets Transfer Calculator, you'll understand the Adjusted Cost Base on disposition of assets and will be in a better position to determine when—at lifetime or death—to do so, and to whom. Try all Knowledge Bureau Calculators risk-free, today!

The May 2, 2013 Ontario budget held the line on taxes but made some interesting changes that will directly affect Ontario taxpayers, especially those who count on tax credits to supplement income, and will reduce health taxes for small businesses as well, but this will be at the expense of larger businesses.

Tax Audit Season is upon us and with it a warning for those who sold condominiums in 2012: The Canada Revenue Agency (CRA) is conducting an audit of condominium sales to check for non-compliance with the Income Tax Act (the Act).

Dr. Mike Orth Inc. v. The Queen 2013 TCC 123. Does solicitor-client privilege trump the CRA’s requirement for a detailed burden of proof?

Last fall, Cheryl Gallant, MP for Renfrew-Nipissing-Pembroke introduced the Disability Tax Credit Promoters Restrictions Act, a private members bill to limit the fees charged for the preparation of Disability Tax Credit Applications.

Tax filing season is over for close to 20 million Canadians whose tax returns have already been assessed this year. Of those, 14%, or just under 3 million taxpayers, had a balance due. On average, they owed $3700 upon filing; the rest got refunds (65%) or filed a nil return (21%) to receive refundable tax credits.