Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

Don’t miss the opportunity to mingle with members of our DAC 2023 bronze partner organizations in Banff this November 12-14. We’re pleased to welcome back Fraser and Partners, Manulife Bank, The Institute, and Investment Executive and Advisors’ Edge as our exclusive media sponsor for our 20th anniversary extravaganza! Final registration deadline for tuition savings: October 30.

It seems like a long time ago. On November 21, 2018, the federal government introduced an Accelerated Investment Incentive (AII) to enhance first-year Capital Cost Allowance (CCA) claims and allow for businesses to fully expense new asset acquisitions, certain machinery and equipment, including clean energy equipment.  Some of these tax incentives will start phasing out after 2023, making this year end an important one for new investments.  Here’s an overview. Be sure to book time to have these important discussions with your business owner clients soon.

When it comes to CRA, it will almost always be very costly to challenge reassessments in court.  Two recent court cases proved an old adage:  you win some, you lose some.  In the first case, a taxpayer tried to shift the burden of proof to their accountant and in another case when hardship was given as the reason for filing GST/HST and T1135 returns late. The silver lining is that the legal costs are deductible.  Here’s what happened:

The U.S. Gift tax is one part of the American transfer tax system. It was introduced in 1932 as a backstop to the U.S. estate tax.  Without the gift tax, large estates could be reduced by simply giving everything away prior to death. The gift tax was and still is not meant to raise revenue per se. Do Canadians have to worry about having to pay this tax? Possibly.  Here’s a primer of what you need to know.

Year-end tax and investment strategies for individuals and small business owners in the context of the current environment has significantly changed. Think AMT on donations and intergenerational transfer rules that can increase tax risk in 2024. Learn more from Evelyn Jacks and special guests Alan Rowell and Carol Willes at the November 1 Virtual CE Summits.  A comprehensive full day virtual event, the CE Summit also includes access to a comprehensive new CE Savvy Collection Entitled New Issues in Year End Tax Planning and up to 15 CE Credits. Check out the agenda below and register by the October 15 early-bird deadline!

There is still time to register for DAC November 12-13 at the beautiful Banff Springs Hotel. Save Money - early registration ends September 30. The organizations and thought leaders that represent them at DAC 2023 will keep the insights rolling, and we give special thanks to Moodys Tax Law and Cadesky U.S. Tax for partnering with us.  Now, just imagine being live and in person with renowned tax specialists Kim Moody and Dr. Dean Smith who will unwind tax complexity for you.  But you’ll want to attend special ice breaker event open to all attendees for a few laughs first!  Check out the educational content and all the fun networking events: