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. 

We are going to feature an ongoing series highlighting certain courses that professionals will find valuable.  For the next couple of weeks we are going to spotlight professional certificate courses that are directly related to Year-End Tax Planning.  This week’s course is Tax Planning for Corporate Owner-Managers. 

Have you ever wished that you could spend your lunch hour learning about a specific planning concept right when you need to know it? 

CRA is introducing a new form for tax filing season 2022, which will make the application of a repayment of COVID-19 benefits easier. The repayment can be claimed as a deduction, which will generate a refund. 

The next scheduled date on which the Bank of Canada will announce its overnight rate target is October 26, 2022.  In this, Part 2 of a series of three, we discuss monetary and fiscal policies that affect inflation. The Small Businesses Air Quality Improvement Tax Credit will soon expire and with it a lucrative return for those who improve their business premises.  Expenses must have occurred between September 1, 2021 and December 31, 2022.  Here’s what you need to know and share:

This is Part 2 of a series of 3 articles.  In Part 1 we discussed common measurements of inflation and introduced some of the major causes of inflation.  This background is important, so I encourage you to read the first article if you haven’t already.  In today’s post, we will discuss monetary and fiscal policies that are affecting inflation.  In Part 3, we will discuss strategies that we can use to help alleviate some of the pains from rising prices.

A holistic disruption requires a holistic approach and it’s time for the tax and financial advisory community to collaborate more, not less, to help their clients face the real possibility of recession and increased financial pain in 2023. “It is our role to be sure our clients are prepared for both opportunities and threats,” says Evelyn Jacks, President of Knowledge Bureau and the first keynote speaker at DAC Acuity 2022 in Niagara Falls this past week.