Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

Amongst the many tax changes coming for the 2024 tax year is the fact that the federal government has now confirmed an indexing factor of 4.7% on most non-refundable tax credits, tax brackets and income-tested earnings levels for the purposes of refundable tax credits. That announcement will also affect some investments, like the room available for TFSA contributions. But there are more important changes to know about.  Here is a synopsis:

Cash strapped? At year end, it’s always important to review prior filed or omitted returns to make sure all the tax refunds, credit and benefits all the taxpayers in a family are entitled have been claimed.  But there are some specific rules to take note of.  Check them out here:

Last chance to choose your own adventure on your pathway to new specialized credentials with our Black Friday Certificate Course sale that ends today! Selected Certificate Course Tuition fees only $195 - $595 with code NOV2023.

DAC Acuity 2023 in Banff was truly remarkable. The Delegates in attendance represented a multi-disciplinary array of leading professionals from the tax and financial services poised to position themselves as advisors of the future. In recognition of this, the DAC 20th Anniversary Awards honoured some outstanding winners: including the Advisor of the Future Award, New Movers & Shakers Award, Industry Change Makers Award, and The Distinguished Master Advisor Award. Please read their stories below! Congratulations to all winners! Join us next year for the 2024 Acuity Conference for Distinguished Advisors November 10-12 in Montreal!

The world has weathered through the most significant health and financial crisis in recent history.  Everywhere there is fallout—lost investments, lost careers, lost homes, broken marriages and significant relationships.  Is there light at the end of the tunnel?  Absolutely! Imagine sitting down for the weekend with 50 successful Canadians from all walks of life to hear about their difficult life experiences and how they overcame them.  Make a difference:  give the gift of hope!  

The 2024 DAC Acuity Conference wrapped up in Banff today where thought leaders from coast-to-coast gathered to discuss the theme Imagine:  Break Free to Embrace Transformative Change.  In celebration of Knowledge Bureau’s 20th anniversary, the national financial educational institute handed out a series of awards to individuals, academics and firms in the tax accounting and financial services to recognize excellence in holistic tax and wealth management practices.  A new designation, the Fellows of Distinguished Financial Services (FDFS™) was also awarded to close to 100 deserving individuals.