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.Canada’s Financials: Big Debt Amidst Economic Malaise
In Monday’s Fall Economic Report, the Finance Minister set the stage for the performance of the Canadian economy and how the new fiscal projections in the document may impact your pocketbook and your retirement savings. There is some good news in the numbers, but as Canada prepares for a potential global economic downturn in 2020, there are some storm clouds on the horizon, too. Most significant, Canada’s accumulated federal debt is expected to hit new heights: $810 billion by 2025.
Personal Amount Changes: How Much are they Really Worth?
Legislation proposed on December 9 will increase the Basic Personal Amount (BPA), the maximum Spousal Amount claim, and the maximum claim for an eligible dependant. How much are these claims worth to you? We reveal the real dollar values here today.
Interest Paid By and to the CRA
Did you calculate whether a December 15 instalment remittance was required to top up tax pre-payments for the 2019 tax year? At this busy pre-Christmas time, it is easy to miss. For these reasons, it is so important to plan your charitable donations now and make them before year-end. They could help you reduce the amount you will owe. The big issue: the interest costs you may have to pay in the spring if you are deficient. Here is what you have to know.
Reflections on a Tax Decade
A year-end reflection on the evolution of Canada’s tax system has brought some sobering observations and a special wish. Despite a dramatic shift in our economic landscape, our tax system is neither simpler or more competitive, nor is it necessarily fairer. There is much work to do.
New 2019 T1 Tax Return: Longest in History
At 8 pages, the 2019 T1 return is the longest tax form in history. It could also be the most complex, says Evelyn Jacks, President of Knowledge Bureau, who together with special guest experts, will be hosting a 6 city national education tour in January to teach professionals about the changes to the forms, line numbers and the detailed legislation behind them.
Designates: Don’t Miss Your Dec 31 Re-certification Deadline!
Keep up your credentials in 2020. If you are a Knowledge Bureau designate, be sure to update your status as per our Standards of Conduct, which require relicensing to use the designation marks at year-end. You should have received your re-licensing notice by now; if not please contact us before the holidays.
