The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

There is still time to give and save money: mark your calendar for February 28.  That is the deadline date to make cash, cheque, money order donations  to your favorite charity and claim the deduction on your 2024 tax return.

The Finance Department is asking for your input - now until March 10 -  for its anticipated Budget 2025.  This is especially interesting, given the upheaval in Canadian and international politics, and recent retreats in taxation policy: the reluctant postponement of the proposed capital gains inclusion rates, bare trust reporting and the introduction of the Underused Housing Tax. 

With the prorogation of parliament many tax provisions in the April 16, 2024 federal budget, the August 12, 2024 legislative proposals and the Fall Economic Statement of December 16 have fallen into a state of confusion.

Knowledge Bureau’s DMA Accounting Services Specialist program (Knowledge Bureau - World Class Financial Education) is a comprehensive designation program designed to provide strong competencies for people who work in accounting departments and tax offices.

“This course provides an extensive knowledge about the use of trust in tax and estate planning and is to be recommended as part of a background for a tax professional. It clearly spelled out the structure, advantages and disadvantages of each type of trust. The study cases give a valuable insight into handling a variety of situations where the establishment of a trust is warranted." 

Please join Evelyn Jacks and guest Faculty members for a virtual mini-summit February 26 for an in depth Tax School for tax and financial professionals.