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:

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

It’s surprising how difficult and frustrating it can be for taxpayers to navigate their digital relationship with CRA.  Figuring out how to make payments to CRA at the local bank without the right remittance forms can be a major obstacle. So can setting up My Account; a requirement to engage you and set up Represent a Client authorizations.   Providing assistance with this is an important way to win the trust of a potential new “client for life”, especially when multiple accounts and filing requirements are involved.   Consider the following:

Did you know that as of  June 20, 2024, some psychotherapists and counselling therapists practicing are no longer required to collect the GST/HST on their services? Now, their GST/HST accounts may need to be closed.   Here is what you need to know:

KBR will not be publishing next week as we take a mid summer break but that doesn’t mean that Knowledge Bureau doesn’t have great mid-summer tuition offers for you!  Here’s a rundown – act by July 30.

This stand alone certificate course perfect for those with no prior tax or financial services experience and recommended precursor to the full DMA™ Vocational Certificate, Diploma or Designation Program. Build confidence in yourself and your team members: the program takes about 20 hours, learn to prepare 24 case studies on professional tax software. Every newcomer to the tax and financial services will benefit from this education! Pre-register now. Canada’s Income Tax Fundamentals Course™ will be available September 10 and you can take advantage of this pre-sale offer!

The 2024 Acuity Conference for Distinguished Advisors (DAC) is pleased to announce Steven Furtado, CIM™, RWM™, FDFS™, and Young Advisor Award Winner as this year's Master of Ceremonies in Montreal, November 10-12. Join Steven as he kicks off the Thought Leadership Breakfast on Monday, November 11.  Register by the September 30 early-bird deadline! Check out what Steven has to say about this year’s conference below, then visit the detailed online agenda, and learn more about this year’s line-up of illustrious speakers!