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. 

Unincorporated taxpayers must file their personal tax returns by June 15 or face late filing penalties.  However, there are many more reasons to file than just to report and pay your taxes.  Here’s a rundown of the obligations:

Estate planning discussions are always difficult, but these days, perhaps even more so.   That’s why tax and financial services providers must pay attention to new trends; notably, that young people – who are to be engaged as the primary stakeholders in wealth transfers –  have experienced a significant drop in hopefulness.  A recent Statistics Canada study concludes that future research could be done to better understand the potential implications. But DAC Keynote Speaker and new author Dr. Brett Wray has done some important research of her own and has a critical, urgent message:  intergenerational power and wealth will not fix the underlying malaise.  Find out more, below; reserve your spot at DAC now.

Submit the name of your worthy nomination for the DAC New Advisor Award now.  The application deadline September 1, 2022.  The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services.   Here’s what the winner of this prestigious award will receive and how to apply:

A typical small business owner fearlessly wears many hats.  However, when it comes to tax season, most just want to grab a pillow and hide their head under it.

June 30 is an important date. Knowledge Bureau Professionals graduate with new skills and specialized knowledge. It is what differentiates you from others. If you are a Designate, June 30 is also an important deadline: it’s time to submit your required Attestation to your standards of conduct, and meet annual CE requirements… with some exclusive tuition offers!

In order to get pandemic relief benefits in the hands of Canadians quickly, the government (through ESDC and CRA) issued relief benefits to anyone who applied and indicated that they met the criteria for entitlement to the benefits. ESDC and CRA are now following up to ensure that those who were not entitled to the benefits repay them, and it is causing worry.  Tax and financial advisors can help.