AUTHREP Changed July 15

Since July 15, the "Authorize a Representative" service in EFILE, accessed through tax software, will no longer be available. Tax professionals must now use the Represent a Client (RAC) portal to request online access to a client’s account.

Canadians should have their financial houses in order. While Canada’s financial system is strong, says the Bank of Canada (BofC) in its December Financial System Review (FSR), it is not immune from the “challenges” that threaten global stability.

The growth of large firms — those with more than 500 employees — outstripped the growth in medium-sized and small firms between 2001 and 2008.

It’s Christmas time and the spirit of giving fills the frosty air, at least here in Manitoba, where we are surely in for a traditional, cold winter.

Proposed changes to the Income Tax Act will oblige taxpayers to report “avoidance transactions” if the transactions include two of three existing “hallmarks.”

The prescribed annual interest rate that will apply to any amounts owed to the Canada Revenue Agency (CRA) is 5% for the first quarter of 2013, unchanged from the previous quarter.

Claims for the Children’s Arts and Children’s Fitness tax credits are based on when the payment is made, not the year in which the activities are scheduled.