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:

When we say everything is included in the Virtual Advanced T1 Tax Update on January 20, we mean it!  As a special bonus, when you enrol by December 31, we’re including the snacks to keep you on your game as you learn from 4 of Canada’s most esteemed tax instructors. RSVP now and you’ll also avoid paying “walk up” rates that apply after January 15.

Did you calculate whether a December 15 instalment remittance was required to top up  tax pre-payments for the 2020 tax year? At this busy pre-Christmas time, it is easy to miss. For these reasons, it is so important to plan to reduce taxes payable.  One way to do that is by making charitable donations before year-end. Here is what you have to know about avoiding expensive CRA interest:

It is in December that millions of people around the world will give to one another and to their favorite charities. Typically, gifts will be in cash; however, you may also give gifts in kind and receive a donation receipt. But, you have to be very careful about the tax consequences before and after the gifting.  Here are some tax tips to consider:

The Grinch just keeps showing up at the doorway of Canada’s ailing small business community.  Due to a lack of clarity on the definition of qualifying income levels for the receipt of the Canada Emergency Response Benefit (CERB), many now face the prospect of repaying as much as $14,000 along with some unwelcome tax complexity.  Help from a local tax specialist could help.

Over age 65 and still working?  Should you stop contributing to the CPP at age 65 in favour of a TFSA contribution?  It’s a commonly asked question.  In fact, the TFSA has an especially important multi-generational role in 2020. 

The federal government confirmed that a cap will be applied to the preferred tax treatment of certain employee stock options in their November 30 Fall Economic Statement.  A correction has been made to our Special Report in regard to this figure.