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.

Learn how to expertly advise business owners about year-end tax planning and the best way to manage after-tax family income and the investment in the family business to meet future goals at the Year-End and Business Succession Planning Bootcamp this November.

Fall is the perfect time to focus on professional development. Take advantage of a number of upcoming live events and earn valuable CE credits with Knowledge Bureau.

On October 9, 2014 the Federal government made good on an April 2011 election promise and increased the Child Fitness Tax Credit to $1,000 from the previous maximum of $500. 

On October 7, 2014 the final piece of the puzzle was put in place to allow federally regulated PRPPs to become a reality across Canada.

Last week we reported on the New Small Business Job Credit will provide savings to small businesses through a reduction in EI premiums. This week, we’ll show you how employers will benefit.

The new Ontario Community Food program Tax Credit is worth 25% of the fair market value of food donated to the community and it’s an innovative idea that may catch on with other provinces and the federal government.