Late Filing Penalties: Talk About It!

While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:

Year-end tax planning, owner manager compensation, business transition planning and more were covered over the last few days at the fall Distinguished Advisor Workshop (DAW).

Knowledge Bureau’s Business Valuation for Advisors course will help an advisor become a valuable resource to their clients when considering business valuation issues.

How will the anticipated changes to the Family Tax Cuts under a new Liberal government look? We’ve crunched the numbers for you. The next Federal Budget and the 2016 indexing factors will confirm actual results; however, in reviewing estimates, we found a couple big winners: lower income families with children, and no income refundable tax credit filers with children.

Indexation of tax brackets and personal amounts for 2016 is determined by the average CPI numbers for the twelve months ending September 2015 (which were announced last week).

It appears unlikely that investors who have already maximized their TFSA contribution room to $10,000 in 2015 will be asked to remove the extra $4500, should the new government make good on their pledge to repeal the $10,000 maximum contribution in favor of a $5500 annual amount.

We are very happy and relieved to provide you with this update on DAC 2015 in Puerto Vallarta: the Westin Resort and Spa has reported there are no damages; staff have returned as well, reporting no damages to their homes; and everything appears to be operating as normal—including the sunshine—after the tremendous scare from Hurricane Patricia on Friday.