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:

 Veteran economist Patricia Croft admits it: she is a Canadian-dollar bull. "Parity against the U.S. dollar is the new normal,” she says.

As part of the federal government's commitment to financial literacy, the website of the Financial Consumer Agency of Canada is now home to the innovative Your Financial Toolkit.

"Shell companies” — those companies that exist only on paper and possess no real employees or assets — can be used legitimately, but a new study reveals just how easy it is to set up a shell company for illegal purposes.

At Thanksgiving we gather to share our gratitude withthe people who support us all year long, family and friends—yes, but also our wonderful staff.The tax system makes it easy to do so; employers can selectfrom a series of tax-free benefits, to show their appreciation for their staff's contribution.

DISTINGUISHED PRACTICES: Tips for Real Wealth Managers™. A July Tax Court of Canada decision clarified the importance of the location of a business for the purpose of tax exemption.

 As part of its Red Tape Reduction efforts, the Canada Revenue Agency (CRA) has created a dedicated team that is charged with cutting red tape for small businesses, thereby enhancing service.As part of its Red Tape Reduction efforts, the Canada Revenue Agency (CRA) has created a dedicated team that is charged with cutting red tape for small businesses, thereby enhancing service.