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:

Substantial tax reform has recently changed the rules for post-death planning for high net worth families.

Jimmy Yee of Burnaby, BC recently completed the Knowledge Bureau’s Elements of Real Wealth Management course and he believes the knowledge he gained will help close the gaps in understanding who he is as a financial advisor.

Notable in the BC 2015-2016 budget was the lack of any provision to extend the temporary high-income tax bracket: 16.8% on income in excess of $151,050.  This bracket is scheduled to be eliminated after 2015.

The Family Tax Cut can change the way we think about which spouse should make the RRSP contribution. 

CRA is asking tax preparers to get email addresses and direct deposit information for their clients this year, but the process of retrieving the Notice of Assessment is less than clear.

Everyone anticipates bad news on Friday the 13th, but on February 13th, 2015 Statistics Canada actually released some good news!