Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

Let nothing stand between you and your relationships. That’s the powerful mantra that has propelled Lewis Kent to exponentially build his financial advisory practice with the physicians on the front line of the pandemic.   Guiding these tireless professionals in their financial health has earned Lewis the distinction of the 2021 Distinguished New Award Winner at the Virtual Distinguished Advisor Conference, October 18.

Did you miss the 2021 Distinguished Advisor Conference?  Good news! Knowledge Bureau has captured the incredible insights and wisdoms from this outstanding educational event in a new certificate course entitled:  Integrated Practice Management Solutions now available.  Check out the description below and register before the end of this month to save $200. 

Navigating our tax system can be challenging for most; yet it can have a significant impact on a newcomer’s financial life. The good news is Canada’s tax regime it is very generous, especially for families with low incomes. At year end, there is an excellent opportunity for advisors to gain – and retain - new clients before the tax season rush, with information sessions designed to empower new Canadians. Are you working with newcomers to Canada? Here is a brief case study and six important tax concepts to discuss:

Knowledge Bureau’s September poll asked your opinion about the potential for a 2% tax hike on incomes over the top tax bracket to help pay down the post-pandemic debt.  The vote was decisive with 43% for the hike, and 57% against, and the comments on such a reform of the tax system were interesting and definitive. Here’s what advisors across Canada advocated for:

New business owners often have difficulty managing their shareholder loan account, mistaking it for a tax free way to access funds. For these reasons, it’s a good idea to advisors to review what this account is and how it functions. Here’s a primer from Knowledge Bureau’s MFA™-Corporate Tax Services Specialist Program:

Tax year 2021 may represent the year millions of Canadians made a significant career shift and with that comes a new tax filing profile. Astute tax advisors will make it their business to consult with clients early, especially if new employment and self-employment trends hold true in their communities.