Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.Growing Your Business – Understanding the Business Life Cycle
To scale a business means to grow it without a big increase in resources. In fact, when your systems and procedures, technology, funding and staffing are all set up to build on the demand coming your way, the happy result is both top line and bottom line growth. The difference, post-pandemic will be that to some degree, business owners are all starting a new business cycle again. What do we mean by that?
Mark Your Calendar: Tax & Financial Milestones in May and June
The focus after April 30 is tax filers who are late and proprietors who have until June 15 to avoid late filing penalties. However, this is also the time to think about your business and how to build on the momentum you have created during tax season. Consider these milestones!
Shift Gears to Focus on Retirement, Estate and Tax Planning 2021
The May 20 Virtual CE Summit: The most important virtual summit you can attend to help your clients with their tax, retirement and estate planning for 2021. The federal budget provisions will have an effect on the tactics you need to use for sound retirement planning in a post-pandemic world, and with the height of this tax season behind us, it’s time to look ahead to the future.
Reconnect: May Networking Events
Looking for new professional development and networking opportunities? Be sure to mark your calendar now! In addition to the May 20 Virtual CE Summit, we have two complimentary events on May 26 and 27 for those in strategic wealth planning fields looking to network with like-minded individuals and expand upon your value proposition with new conversation starters and approaches. Take a look and register now:
KB Grads in the News: Jay Stark, MFA-P™
Jay Stark, MFA-P™ shares how this philanthropy planning focused designation program will help him apply new skills in his effort to help Canadians make better decisions about philanthropy and bring plans to life.
Millions of Returns Outstanding: Many Owe
The pressure is on! Taxpayers and their tax accountants are buckling under the strain of lockdowns in the midst of a very a complex tax season. Recent statistics from CRA show that we were only at the halfway point on April 19 as only 16.6 million of approximately 31 million tax returns expected had been filed. It’s notable too that 19% of tax filers have a balance due. Here are nine last minute tax tips for those who owe and those who have to break it to them:
