Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

The maximum Canada Pension Plan (CPP) contributory earnings are indexed annually based on inflation. For 2019, indexation resulted in a 2.68 percent increase over 2018.

Did you forget to file a tax return in a previous year? It can pay handsomely to catch up before year-end. Not only can you recover tax refunds CRA may still owe you (that’s the main reason for most), but here are 8 additional reasons to file those missed returns before year-end:

Knowledge Bureau is excited to announce that 2019’s Distinguished Advisor Conference (DAC) will take place in beautiful Puerto Vallarta, Mexico, November 10-13. Early bird registration is now open with an important opportunity: a $300 hotel credit for registrations received by November 15.

Frank Arnold of Woodville, Ontario completed Knowledge Bureau’s Use of Trusts in Tax and Estate Planning course while pursuing his Master Financial Advisor - Retirement and Succession Services Specialist credentials. He explained why lifelong learning is essential in the tax and financial services: “I feel that learning never really ends. Rules and legislative changes are created constantly, therefore, giving up on learning means giving up on valuable expertise.”

Almost 40 per cent of Canada is north of the 60th parallel. But how many Canadians in the South truly understand northern issues, or the riches of the North, its unique, fragile ecology and centuries of Inuit, Dene and northern First Nations traditions? Senator Patricia Bovey will be providing important economic and social insights as the closing keynote speaker at the Distinguished Advisor Conference next week.

Finance Canada will release its Fall Economic Statement on November 21, about a month later than it was last year. In the meantime, it released two important documents on October 25 and 29: A Notice of Ways and Means Motion and Bill C-86: the second Budget Implementation Act which together enable remaining initiatives outlined in the February 27, 2018 Federal Budget.