AUTHREP Changed July 15
Since July 15, the "Authorize a Representative" service in EFILE, accessed through tax software, will no longer be available. Tax professionals must now use the Represent a Client (RAC) portal to request online access to a client’s account.New OAS Benefits and How They are Calculated
Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits are indexed quarterly, but the formula for OAS increases is based on increases to the Consumer Price Index. When the CPI drops, OAS payments remain constant for the subsequent quarter, as they did in the first three quarters of 2020.
Missing on Task Force: Female Entrepreneurs
The government has recently appointed a new Task Force on Women in the Economy. However, what’s missing among the 18 educated and highly qualified women on the board* is representation from the many women who, through self-employment and independent business ownership, contribute so much to growth in our economy. That’s a big miss. Here is why that is important:
At the Height of Tax Season: April 19 is Federal Budget Day
The timing could be better. The federal government has chosen April 19, 2021 as the date for their first federal budget in two years, in the midst of a third wave of a trying pandemic. This could also well be the busiest week of tax season for taxpayers and their advisors. Yet, the important roadmap to economic recovery and the tax changes to pay for it will likely be set forth. Join us for a special Knowlege Bureau Report after the budget day.
Report Barter Transactions
Many taxpayers are unaware and in fact shocked to learn that the bushel of apples, gaggle of geese, or barter services of any kind provided in anyway, including those online, are taxable. Whether they are paid in kind to settle a debt or simply as a trade, all have a commercial value that may have tax implications.
Changes to IPP Restrict Surplus Contributions
The CRA recently released an important technical newsletter to make changes to Independent Pension Plan (IPP) rules. Some experts in the personal pension planning space think that this is a good thing. Here is what’s at the centre of the issue and why.
Using Personal Assets to Make Money? CRA is On It?
Trading goods and services has become much more sophisticated over the years. In particular CRA is watching social media for evidence of unreported income or capital transactions, for example, popular Airbnb rentals. They consider this new “platform economy” to include any economic and social activities that connect buyers and sellers of goods or services via mobile apps or the internet. There are 4 platforms in particular that will be audit-prone in 2021.
