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.

We recently had the opportunity to speak to Melanie Adams about her experience taking Advising Family Business as part of her second designation with Knowledge Bureau. She previously earned her DFA – Tax Services Specialist™ designation and is now working toward her MFA™ - Business Services Specialist designation. Here’s what Melanie had to say: 

There are tax advantages that encourage giving back to the less fortunate this holiday season. It’s a tax gift that keeps on giving. But giving has taken on an interesting trend: not all donations made by charity-minded Canadians are monetary. In fact, Statistics Canada reports that 94% make in-kind donations each year, which includes items like clothing, toys, household goods, or food.

Make increasing your clients’ tax and financial literacy your focus in honour of Financial Literacy Month and share these essential tax moves and audit-busters that help build a healthy relationship with the CRA. These tax tips have been excerpted from Evelyn Jacks’ Essential Tax Facts 2019 Edition, which has been fully updated with the behind-the-lines information your clients need to know when filing their 2019 taxes. In fact, you may wish to give Canadians the gift of financial literacy this this month – and shipping is free!

Seasonal workers beware: if you collected Employment Insurance (EI) benefits during your off season, there’s a chance you could have to pay back some of the benefits you received. For the 2019 tax year, the base amount for EI repayment is $66,375. That means if net income exceeds this threshold, an EI repayment may be necessary. But, with savvy planning you can avoid this unpleasant surprise.

This year's DAC delegates provide some great feedback – and some of the bold thinking and bright insights they took away from the highly successful conference that took place November 10-13 in Puerto Vallarta, Mexico. These are some of the reasons why you should consider attending the DAC Acuity 2020 event next year in Niagara Falls, October 28- 30.

It’s a big number! The 2019 tax filing season saw nearly 30,000,000 returns filed between February 18, 2019, and September 4, 2019*. Tax season 2020 will again feature some significant tax changes. That’s why now is the time for professional advisors to register in Canada’s most comprehensive advanced T2 tax update training and shake out the cobwebs before filing those millions of returns. But it’s first come, first served so don’t miss the January 10 deadline to save on tuition fees for your Advanced T1 Tax Update at the Winter CE Summits.