October 1 - Important Changes Coming to VDP
Effective October 1, 2025, important changes will be made to the Voluntary Disclosures Program (VDP) at the CRA in order to make it easier for taxpayers to correct unintentional filing errors or omissions. The details on how the changes will affect your clients are being discussed in the CE Summit held September 17 and this course is now available for online enrolment and CE accreditation, after the virtual event. Here are some highlights of the changes.Now Available: Evelyn Jacks’ Family Tax Essentials
It’s more important than ever for Millennials and their Boomer parents to start discussions about multi-generation tax, retirement and financial planning, and after dinner story-telling over the holidays is a great way to start a new financial journey in 2016. Just how do you build a Wealth Purpose with a Tax Strategy? Evelyn Jacks’ Family Tax Essentials will provide you with some great new ideas!
Fiduciary Duty: A Renewed Focus in High-Value Practices
How can you be a better steward of your clients’ wealth? How can you communicate effectively to them your role as a financial fiduciary? The trend in the financial industry is towards greater transparency as the value of advice trumps a transaction-based service. But to create a more powerful value proposition for your advisory practice in 2016, you need to refocus on your fiduciary duty.
Ways And Means Motion: Lots of Tax Changes, Budget Shortfall
The Federal Government introduced a Ways and Means Motion on December 7 that will implement the promised middle income tax cut to 20.5%. In addition, there are a host of new tax increases for high net worth clients: Canadian retirees and business owners that tax and financial advisors will want to reach with planning advice soon.
Taxpayer’s Spouse Successful in Challenging CRA’s Third Party Re-assessment
The recent judgment in Ellis v. The Queen shows that it is possible to successful challenge the Crown’s case for penalties, after a third party re-assessment of taxes to a delinquent taxpayer’s spouse. The appellant had been assessed $10,199.73 in penalties under section 163 of the Income Tax Act (the Act) when her husband transferred 50% of their matrimonial home, targeted by CRA to cover his $50,000 federal tax bill.
Last Chance to File or Change 2005 T1 Returns
Although the government is limited to three years to reassess returns in most cases, taxpayers have 10 years to make changes to their returns. That’s why it’s important to call clients now- especially delinquent filers to preserve tax filing rights. Specifically, they will have until December 31, 2015 to make changes to or file their 2005 return before it becomes statute-barred.
New Cross-Border Tracking Rules Have Tax Implications
Thinking of leaving Canada for extended vacations or visits? You will now need to be more careful about your absences if you want to remain eligible to collect social benefits, like the Canada Child Tax Benefit, Old Age Security or Employment Insurance. That’s thanks to the Perimeter Security Pact between Canada and the United States, which was initiated back in 2011 and has been undergoing four phases of implementation.
