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:

The March 21, 2013 budget was a significant document, which upon reflection, will require high net worth clients, particularly business owners, and their advisors to rethink wealth, retirement  and estate plans. 

Offshore Tax Cheats: the Finance Department wants You! The CRA will be empowered to pay you a “finder’s fee” for identifying international tax cheats as a result of new provisions in the March 21, 2013 budget. Further, businesses using “zapper” software to evade taxes by hiding or “suppressing” sales income will face stiff new penalties and criminal convictions – with fines in the 7 figures.

Canadians with foreign holdings at any time in 2013 (not just at the end of the year), will need to provide more information to the CRA, starting with the 2013 tax year.

Updated with details from Budget 2013, EverGreen is your ever-current online resource for answers to tax questions about personal and corporate tax, and the GST. Be more efficient this tax season with the most current information you need just a few clicks away. View the free demo today!

Learn the tools you need to defend your clients professionally in an e-Tax Audit. Join us in a city near you this May!

Today's federal budget proposed to change the law both in respect of 10-8 plans and information required from third parties for the purposes of tax administration or enforcement. Here's the case...