Seniors Targeted? The Tax Audits Begin

The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.

Want to open your own tax preparation or bookkeeping business? Need to train your staff? Become a Distinguished Financial Advisor – receive 50% off your first designation course!

Of the 216 votes in our June 2014, 65% of KBR voters strongly voiced their opinion in our against employment insurance being subject to a clawback on the tax return.

Old Age Security and the Guaranteed Income Supplement are indexed quarterly based on changes to the consumer price index. As of July 2014, the amounts are increased by 1.28%.

The Tax Court of Canada (TCC) recently dismissed an appeal from a taxpayer who asserted that an Order from the Ontario Superior Court of Justice obligating him to pay child support and the application of subsection 118(5) of the Income Tax Act (the Act) infringed his rights under section 15 of the Canadian Charter of Rights and Freedoms (the Charter).

CRA is acting to shore up compliance for small business owners – both tax practitioners and their clients will be engaged in a “Get it Right the First Time” initiative which includes office visits by CRA. 

Over the summer, Knowledge Bureau will be taking an in depth look at the use of trusts in family wealth planning. An introduction to the topic begins the series.