June 30 Tax Deadline is Looming for Non-Residents
An important deadline is approaching for non-residents with certain Canadian-source income. June 30 is the deadline to file elected returns under Section 216 (pertaining to rental income) and Section 217 (pertaining to Canadian source pension income). There may be significant consequences for missing this deadline as returns received after this date, generally aren’t accepted. Here’s what you need to know:DAC Acuity 2022: Tax Planning & Compliance – The Tax Quagmire for Ex-Pats
Annual dinner and announcement of 2022 Designates and Graduates with Dr. Dean Smith on Sunday Oct 16 at DAC Acuity 2022, plus a session on Monday led by Dr. Smith covering tax planning and compliance with a focus on ex-pats.
Grads and Designates: Official Transcript Study Term July 1 – September 30
Check out your official transcripts in the Graduate Lounge. Why? Find out if you qualify for new Specialized Credentials, re-certification options and most important - Early Bird Tuition Reductions for the fall term October to December 15.
October 14: Expect a Treat in your Bank Account
For taxpayers who filed a 2021 tax return in Alberta, Saskatchewan, Manitoba or Ontario a second Climate Action Incentive Payment (CAIP) will be in your bank account on October 14. Those who did not file a tax return yet, should get on it, as the CRA is not paying interest if you are claiming these rebates late.
Seniors to Get Another Raise in October
Old Age Security (and the Guaranteed Income Supplement) are updated quarterly according to changes in the Consumer Price index. With inflation running at close to 7%, OAS, which was indexed by 2.8% in July, is expected to increase another 2.8% in October.
Update on Alberta: Province is Reintroducing Indexation
In 2019, the Alberta government paused the indexation of personal amounts and tax brackets. The effect of no indexation is an annual increase in taxes because wages tend to increase with inflation causing higher taxes to be levied on individuals. Here’s a look at the new brackets and rates:
The Speed of Tax Change - How to Protect Your Clients
Prepare to defend your clients against tax risk emanating from increasing CRA audit activity. Then, take a detailed look at the long and convoluted road to tax change that has resulted substantive change in how your clients report income, deductions, credits and exercise their appeal rights. Knowledge Bureau’s new Audit Defence Course is now available online and features interesting perspectives from some of Canada’s leading tax experts. In focus: independent business owners, which could include you.
