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:

“I wish my parents had talked to me about money.” If this resonates with you, you are not alone. Learn from new Canadian author Kevin Gebert how to approach the critical money conversations with your friends and family. Order your copy today–bulk orders qualify for significant discounts.

It’s Financial Literacy month! Help your clients assess risk and return as a more effective financial educator. The goal is better joint decision-making in managing family wealth. Learn conveniently online and qualify for 30 CE/CPD credits before year end. Enrol in Financial Literacy: Assessing Risk and Return by November 13 and save $200 on tax deductible tuition fees.

Financial Literacy month at Knowledge Bureau includes tools to map out your financial future with the Financial Assessment Calculator. Take a free trial!

According to the Bank of Canada’s Monetary Policy Report released this month, the Canadian economy is expected to grow by a lackluster 1.6% in 2013, 2.3% in 2014, and 2.6% in 2015, and to reach full production capacity around the end of 2015. 

CRA has just issued a revision to Form T1198 Statement of Qualifying Retroactive Lump-Sum Payments, which is completed by the payer of qualifying amounts.  

Residents of Canada must file tax returns to report world income in Canadian funds. That means taxpayers will need to gather documentation to report offshore earnings — and new for 2013, more specific information about income earned by offshore assets with a cost of $100,000 or more.