This Month’s Poll
Do you agree that public trustees, guardians and departments supporting Indigenous Services should be able to certify impairments for the Disability Tax Credit?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.
Cybersecurity at Issue
Cybersecurity is an issue all tax and financial advisors may find themselves answering questions about this tax season.
