Trade Wars: Why Income Tax Filings Matter More Now
It’s hard not to get caught up in the trade wars saga, and of course it has serious economic repercussions. In times like these, our tax system can help. The federal government has indicated three pillars of support will be enacted, details of which are to come shortly:Tax Efficiency: Sometimes, It Takes a Village
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.
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OSC Gets More Teeth
The May 2 Ontario Budget announced the government’s intention to introduce legislative changes on various issues.
Correction: Do-It-Yourself Taxpayers Can Submit eDocs
The article "Must Audit Support Documents be Electronically Filed?", published in the April 17, 2013 issue of Knowledge Bureau Report has been amended.
Understanding Synthetic Dispositions
A “synthetic disposition” refers to financial arrangements which allow taxpayers to defer tax by “economically” disposing of a property while continuing to own it for tax purposes. These transactions were shut down as of Budget Day, March 21, 2013.
