Bill C-31: Royal Asset and New CRA Powers Could Come Soon
Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:20th Anniversary Contests – Get Involved!
It’s been a fantastic two months here at Knowledge Bureau celebrating the big 2-0...our 20th anniversary! With so much on the horizon this year you will want to get involved!
Tax Tip: Deductions for Commissioned Salespeople
Did you know that employed commissioned salespeople can write off more tax deductions than other employees? In fact, expense deductibility differs only slightly from that of the self employed. Yet, to get past a tax auditor, there are special nuances: employers must be prepared to verify unreimbursed, out-of-pocket costs were required and there are some specific restrictions. Details follow.
Tax Debt? Best to Pay Up Before April 1
Last year, those who owed the CRA owed a lot – over $7,000. Soon, the prescribed interest rates charged by CRA are going up and that could really increase the cost of carrying debt. Tax debtors can save more money by paying up before April 1. Here’s why
Tax Exempt: Inflation Supports Cause Confusion
Is it reportable or not? Many taxpayers are confused about the various government support programs they have been entitled to in 2022 and 2023. As a general rule, if a support payment is taxable, there will be a T4A or T4E showing the amount to be reported as income. But if any of the amounts itemized below - inflation support measures – were received, they won’t be reportable.
The Future of Tax Preparation: An Endless, Essential Service
It’s true: nothing is as certain as death, taxes and tax change! That’s perhaps why almost 60% of Canadians get someone else to do their tax return, according the CRA. Do you know what this sounds like to us? OPPORTUNITY!
Tax Spotlight: Help Non-Filers Recover Billions
Did you know as many as 1 in 10 Canadians don't file their taxes? Canadians who don't file their income tax returns may be shocked to find out how much money they're owed by the federal government for years of missed benefits. The tax benefits lost to working-age non-filers was about $1.7 billion, according to an award winning research paper[1].
