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 Auditor General for Canada has recently issued a report on CRA’s appeal process, focusing on whether CRA has been efficient in managing income tax objections.

Highly qualified tax advisors are in high demand, not only by their clients but by financial advisors who seek their services and advice.  But, especially if your clients are Boomers, it’s important to move past basic tax preparation knowledge to confidently address the complicated year-end tax planning issues they may face on their investments and properties.

Knowledge Bureau’s highly engaging Annual Personal Tax Bootcamp is coming soon, January 17-25, 2017, in six cities across Canada. Registrants are urged to reserve their spots early as seating is limited, and to take advantage of early-bird tuition reductions until January 10.

Assistants to wealth managers will gather for the first ever Assistants’ Conference in Toronto on December 5.  Knowledge Bureau President, Evelyn Jacks, will be a guest speaker, presenting on How to Ramp Up Your Communications Skills. She will also introduce a new online diploma program designed especially for wealth advisors’ assistants: the Professional Financial Assistant Diploma Program™.

The theme of DAC 2017 is Canada 150: Financial Advice at the Crossroads of Change.  Plan on enjoying the wisdoms of some of Canada’s most prolific educators, financial leaders, writers and motivational speakers.

"Accept the challenges so that you can feel the exhilaration of victory." George S. Patton