The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

Seniors who qualify for some portion of the OAS (Old Age Security) will receive a one-time tax-free payment of $300 from the federal government to help with COVID-related costs while GIS recipients will get $200 more. Further, another tax information filing extension was announced with this news on May 12: this time to October 1, 2020. For those who don’t need the money there are some interesting leveraging and sharing opportunities.

Taxpayers over the age of 65 who receive the new $300 one-time tax free COVID benefit from the federal government should first use it to cover extra charges due to the pandemic including delivery costs, costs of internet and communications charges and more. But those who don’t really need the money can leverage the gift in several ways.  Here are our top 6 pandemic benefits tips for seniors: 

On May 7 they federal government announced that they’d give $3 billion to the provinces and territories in total to help with the costs to increase the wages of frontline workers nationally. The amount covers three-quarters of the total estimated cost of $4 billion. It’s up to the provinces and territories to define what they consider an essential frontline worker. Let’s look at what the provinces implemented so far!

The first ever Virtual CE Summit on May 13 garnered rave reviews. It featured 8 incredible thought leaders who offered cutting-edge guidance on providing clients with sound advice for tough times. Good news: you can still access the incredible online content and take until July 15 to finish your 10 CE Credits. More good news: we’re planning to host another Virtual CE Summit on September 30. 

Your practice is changing, and Knowledge Bureau is here to help with a new series of courses for advisors and their clients who are transacting virtually.  The new Knowledge Gap Program has arrived and it offers you a high-value library of short CE courses and new Financial Storyboards that open new virtual conversations. Most importantly, you don’t even need to be tech-savvy, and either do your clients. Here’s why:

When is the last time you reviewed the personal and family net worth statements of a household unit for whom you provide tax or financial services to?  If it hasn’t been addressed since the end of March, 2020, it’s time to do so now.  Dr. Dean Smith will drill down on losses at the May 13 Virtual CE Summit (be sure to register by May 11). Here is a primer to whet your appetite.