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.

After holding interest rates at 1.25 percent since January, the Bank of Canada appears ready for raise the rate in its next announcement, July 11, when many economists expect it to increase to 1.5 percent. This small jump could affect millions of Canadians and is an opportunity for advisors and clients to lean in and plan for change.

The TFSA filing deadline is coming up on July 2 (the standard June 30 deadline falls on a weekend). It doesn’t apply to all TFSA investors, but for those who do have to comply, abiding by the guidelines is essential to avoid penalties.

In May, we asked Knowledge Bureau Report readers whether Canada’s current tax deadlines make sense – and the general consensus was that the existing system needs to change. Some of the suggestions from professionals in the tax and financial services industry might surprise you.

Reports from the recent 2018 Immigration Summit in Ottawa, show that immigration is going to be essential for the future of the Canadian economy. But, where are the career opportunities for newcomers to Canada, or those those returning back home?

Your passion statement is all about the “why?” When’s the last time you took the time to reconsider why you do what you do?  Whether you’re a proprietor or have leadership aspirations to grow your career, this is the driving force that is the basis of your business goals. Join Knowledge Bureau to recommit to your life’s work at November’s Business Builder Retreat.

Each year, 1 percent of the population passes away, generating tax consequences and other financial implications that impact remaining family members.Yet, often tax and financial advisors are hesitant to focus on tax-efficient estate planning, leaving it to attorneys instead. But you can add value as a more trusted advisor by offering a more holistic approach to a powerful financial moment by honing skills in discussing the tax consequences on death of a taxpayer.