Bill C-31: Royal Asset and New CRA Powers Could Come Soon

Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:

Knowledge is power, but education is expensive. What are the funding options? Join us in this first of a series to sort it all out.  Bottom line:  it depends on who you are and where you live.  Our veterans, for example, have just had the lovely news that up to four years of free education at a post-secondary school may be possible.

CRA has provided an update to its audit position on campgrounds and the use of the Small Business Deduction when there are fewer than five full time employees.  The degree to which significant additional services are “integral to the success of its business operations” will make the difference for campgrounds which do a bit of both:  in fact the more services provided, the better the chances that the SBD may be allowed.

Knowledge Bureau’s August opinion poll is asking an important question about education funding and our readers are providing some thoughtful and vibrant answers; that’s why the poll results appear to be coming in neck and neck. What do you think?

Who knew Canadians are this adventuresome?  Last week, CBC reported that close to 4000 people -  most of them men – applied for one of two positions to be blasted into space.   If any life event change speaks to the need for immediate tax, estate and family wealth planning, this would be it!

According to a recent survey by Robert Half, 2017 Salary Guide, Accounting and Finance, professionals with tax and audit experience are in particular demand in the public accounting sector and salaries in these areas are increasing.   Tax accounting, in particular, is an excellent skill and a great “foot-in-the-door” to get experience and insights in an expanding industry.

Knowledge Bureau has improved the opportunity for our students to enrol risk free in our online educational products and earn CE credits while they are doing so. Whether you are a potential student, a prior student or an employer looking for training opportunities, check this out.