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:

On October 20, 2014 CRA launched the long anticipated electronic mail system for professional tax specialists registered under the Represent a Client portal.

In a move towards eliminating paper cheques, businesses in Canada are now being asked to complete two functions through the Represent a Client portal. Businesses will now have the option of both pre-authorized debit and direct deposit for their dealings with CRA.

It’s Halloween week and Financial Literacy Month is just around the corner, right after the ghosts and goblins visit. Just in time too, because it turns out it’s not just your imagination: communications from CRA are somewhat ghoulish.

Is succession planning an emerging issue for you and your clients? Are heirs properly prepared to become responsible and confident Powers of Attorney and Executors?

Tax and financial advisors won’t want to miss the Distinguished Advisor Workshops November 3-6 in Winnipeg, Toronto, Calgary and Vancouver respectively, when year end planning and business owner-manager transition is discussed in depth. 

Four main goals in enhancing financial literacy for seniors were announced on a beautiful fall day in Winnipeg last week by Minister of State Kevin Soreinson and Financial Literacy leader, Jane Rooney.