Podcast: Automatic Tax Filing - Will It Work?

Last week Taxpayers' Ombudsperson François Boileau  tabled his annual report:  In Pursuit of Better Service: Taxpayers Deserve More.  once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years.  Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution.  A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive.  Consider the following:

Why is tax efficiency so important in planning for future financial peace of mind?  Because it increases the present value of income; which has the potential of earning more income and value over the longer savings horizon. Tax and investment advisors can provide invaluable assistance especially to those clients under age 45, who lag behind in their RRSP contributions. 

On June 29, an important private member’s bill received Royal Assent. It addresses the thorny issue of intergenerational transfers of family farms and fisheries. These changes will provide more surety for those in the farming and fishing industries to enable capital gains treatment on intergenerational transfers; tax treatment aligned with sales to unrelated parties.

In today’s hot but volatile financial markets, investors are looking for new places to invest for safety, while taking advantage of change.  A new type of debt instrument, Limited Recourse Capital Notes, may fit the bill for some fixed income investors, and tax and financial advisors will want to come up to speed to better understand the structure.   

Virtual DAC Acuity 2021, October 17-19 will feature the thought leadership of 8 senior executives, 2 best-selling authors, leading scholars and top wealth advisors. It’s an online conference experience that tax and financial professionals won’t want to miss. Share the knowledge: enrol yourself and bring your team along at a reduced tuition fee, until September 30.

Sharon Timson is a DFA-Tax Services Specialist™ Designate who has been able to increase the value she offers to her clients, while diving deeper into the important financial conversations. See what she has to say about her experience in earning these important credentials.

CRA launched its new Canada Recovery Hiring Program (CRHP) calculator today, to assist businesses in applying for support based on “incremental remuneration” in the period June 6 to November 20, 2021.  The program will overlap with CEWS and is meant to help businesses grow again as the economy reopens, as a result of hiring staff, increasing pay, or increasing shifts. It’s good news and advisors will want to bring details to their business owner clients immediately.  Here are the details: