Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

Did you know there are taxpayer relief provisions to lean on if you have run into hard times and can’t pay your tax bill?  But you’ll need to understand the fine print – financial hardship isn’t usually a good enough reason not to pay, and you’ll always have to pay the taxes.  The relief CRA can grant you is limited to waiving penalties and interest. Here’s how to access these rights:

If you’ve been following the news, and you rely on CRA for tax answers, you may be feeling a little nervous about this headline: CRA workers want 'unprecedented' pay raise of more than 30% over 3 years. Regardless of your opinion (advocates say it’s needed, critics say it would 'gouge' taxpayer), tax pros are frustrated with long CRA wait times. What happens if there’s a strike?  Cover your bases with Evergreen Explanatory Notes, your authoritative tax research library.

Tax season is just around the corner and now is the time to train new and returning staff to confidently prepare a deep and broad spectrum of returns for employees, families, investors, business owners and retirees.  There are two opportunities to learn:  in person on February 7 in Toronto and conveniently online any time with recorded presentations.  Early registration deadline for tuition savings is January 31. 

Here at Knowledge Bureau we are absolutely thrilled it’s 2023.  We were born in January 2003 and so it’s officially our 20th Anniversary! Please mark your calendar for these 20th Anniversary celebration events – and start participating to win hundreds of dollars in prizes!  This month we are celebrating the Marquis Client Award - which is who has taken the most Knowledge Bureau courses.

Same neighborhood, similar income, less cash flow?  The secret in the financial sauce could well be an RRSP strategy.  With the deadline only weeks away (March 1, 2023), it’s time to buck trends to forego the RRSP contribution and consult with your financial advisor now to exponentially increase both income and wealth.

Employers:  Do you have an opinion about your mandatory participation – by March 2024 -  in a new $43.9 million payroll remittance and EI benefits system overhaul which will result in a real time e-payroll system? The federal government has launched a consultation process and if you’re interested in responding, do so by January 27.