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:

FIRESIDE CHAT: DOING GOOD You’ve likely heard about social financing: the collaborative investment of public, private and philanthropic funds to re-image our economic structure to build a “Social Infrastructure Network”. At it’s core – doing good is the big idea.

An important discussion is taking place in Canada and tax professionals will not want to miss their chance to weigh in by the September 30 consultation deadline.  Specifically, the federal government wishes to “modernize” the GAAR – General Anti Avoidance Rules - after a series of 24 losses in court.  Here are the issues:

The Federal government announced three new refundable benefit programs on September 13, which will put extra money in the pockets of individuals and families. 

During the pandemic, the federal government put temporary changes to the Employment Insurance (EI) program in place.  These special programs will end on September 25, 2022.  Employers will want to refresh their memories both on the pandemic response rules, and now, the return to normal for the purposes of informing management and/or payroll departments who may receive questions from departing employees: 

There may be one silver lining to all this inflation…the Tax-Free Savings Account (TFSA), arguably the best savings vehicle available to Canadians, is about to get even better.

There are four important strategies to maximize income with tax efficiency during both inflationary and potential recessionary headwinds.  Consider introducing them to your clients as part of your fall tax filing strategies: