No More Sworn Testimony, But Audits Are Still Stress Inducing
“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:Pre-Budget Consultations: What Tax Preferences Will Be Cut?
As a way to simplify the tax system, an overwhelming majority of respondents, 87%, to Knowledge Bureau’s February poll agree that investment income under $1000 should not be taxed. Will their wish come true?
Mark Your Calendar
Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC Nov 6 -9.
Life Purpose
“A pessimist sees the difficulty in every opportunity, an optimist sees the opportunity in every difficulty.” -Winston Churchill.
Special Report March 22 Federal Budget
Be sure to stay tuned to Knowledge Bureau Report for all the details of the next federal budget – March 22, 2016.
News in Farm Taxes: Livestock Tax Deferral Regions
Each year, Agriculture and Agri-Food Canada publishes a list of prescribed regions that have experienced either drought conditions or excess moisture. Farmers in these regions qualify to defer reporting the proceeds from the sale of a portion of their breeding herd if they meet certain conditions.
New Legislative Proposals: Charitable Donation Tax Credits for Trusts
Finance Canada recently released proposals to amend certain sections of the Income Tax Act (the Act) pertaining to the tax treatment of certain trusts, which only came into force on January 1, 2016. To the relief of many tax and legal practitioners, the proposals remedy some undesirable aspects of the amendments, especially as it relates to charitable giving.
