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:Experience Your “True Wealth” Potential
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Expand Your Practice and Career with Cross Border Taxation and Planning Knowledge
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Family Income Splitting Not a Benefit Just for the Wealthy
Should joint tax filing to enable full family income splitting be allowed? 70% of KBR readers say ‘yes.’
RTPP: Provide Feedback by May 31
The new Registration of Tax Preparers Program, proposed to launch during the 2016-2017 fiscal year, will keep track of errors associated with a particular registrant in an effort of improve compliance. CRA is seeking input on this change in its relationship with professionals.
Financial Literacy Leader Chosen
Jane Rooney has been selected as the Financial Literacy Leader of Canada. The Task Force on Financial Literacy provided 30 recommendations, including the appointment of a Financial Literacy Leader, to help Canadians become equipped with the knowledge and skills necessary to make responsible financial decisions.
The Burden of Proof
The Tax Court of Canada (TCC) recently decided that, although a relevant factor, prior convictions in criminal proceedings resulting from plea bargains are not determinative of the relevant facts and issues in a subsequent civil tax appeal.
