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:

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.

It pays to file outstanding tax returns before year end, not only to recover refunds that CRA may still owe you, but also to avoid paying penalties and interest that would be charged for gross negligence or in some cases, tax evasion. But also, when you don’t file on time, you miss out on important tax planning opportunities that may end for you on December 31. Here are 8 important reasons to review your return before year-end.

Budget 2018 proposed a new five-week Employment Insurance (EI) Parental Sharing Benefit that will be available as a “use it or lose it” benefit top-up when both parents agree to share parental leave, starting March 17, 2019. Now Finance Canada offers further details with Bill C-86 on how the program will work to benefit Canadians.

According to recent tax filing statistics, charitable giving has been on the decline in Canada – except in Manitoba! But that doesn’t mean that generosity ceases to exist. Philanthropic investment trends are changing, and people are giving back in new and different ways. That provides an important opportunity for advisors to help clients with a philanthropic conversation, while deepening their own professional fulfillment.

Against the backdrop of high interest rates, complex tax changes and an economic climate that’s increasingly volatile, Knowledge Bureau has given professionals in the tax and financial services industry more tools to cope with their clients’ questions. With seven newly updated tax courses launching November 1, it’s an opportunity to enhance your education before year-end.

Michael Sunday Akpan of Akpan Corporation in Orleans, Ontario, graduated from the DFA – Bookkeeping Services Specialist Program and enthusiastically shared how this education has helped him reach new goals in his business: “I am successful because I have a vision for a better life. I have the power to do something incredible!”