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:

It’s a good question and the answer is simple: the start date for formal retirement planning is earlier than one would think.  In fact, the most successful retirement savings results occur in the early stages of adulthood and they reflect purposefully on two key questions that otherwise plague most people throughout their lifetimes: “Will I have enough to retire?” and “How long will it last?”

Special to Knowledge Bureau Report. In a career approaching six decades,  Dr. Graham prizes his pioneering role in Canadian investment research, and also his many national and international investment contacts. Over his career, Michael has made over 20 “pilgrimages” to Omaha to attend Berkshire Hathaway annual meetings.  Observations from his latest provide wisdoms for the ages.  

Last call! Holders of the RWM™, MFA™, and DFA-Tax and Bookkeeping Services Specialist Designations must complete their annual relicensing by June 30 by attesting to their Standards of Conduct including the achievement of 15 annual CE credits. Check out the handy Q&A Relicensing Guide and further details below.

What if we are wrong about how the new economy is going to emerge? It’s a tough question that Dr. Jack Mintz will address, along with other hard truths important to Canada’s top advisors, taxpayers and investors at Virtual DAC, October 17 – 19, 2021. RSVP by June 30 for early-bird tuition savings. D.r Mintz shared some pre-event questions he hopes to answer for the delegates from coast-to-coast who will attend from the tax and financial services:

Knowledge Bureau is pleased to announce that TaxCycle will be joining us again as a technology partner in our fall Virtual CE Summit events including the next online workshop and course on September 23, 2021 which will focus on a relevant post-pandemic topic: Audit Defence in Compiling Financial Statements, GST & Payroll. Within Knowledge Bureau’s new Virtual Auditorium, attendees will have the opportunity to interact with TaxCycle in the Auditorium Hall.  Here’s a sneak preview of what you’ll learn as you pop into their booth at  the event.

Most tax-related amounts are adjusted annually, but each quarter two rates are determined and adjusted if required.  In spite of the economic slowdown caused by the pandemic, inflation has actually picked up.