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:

Expand your expertise in the concepts of Real Wealth Management™ and provide holistic wealth management advisory services to your clients. Enrol in the newly updated Elements of Real Wealth Management today, the first in the MFA–Retirement Income Specialist™ Designation program.

Experience education differently at DAC! Think strategically with succession planning experts, economists, portfolio management specialists, tax and legal advisors, celebrities, and marketing experts November 9-12, 2014.

It’s important to file the new Form T1135 – Foreign Income Verification by July 31 this year. The Departments of Finance and CRA have been prolific in their steps to close down tax loopholes and this new form is a cornerstone of these activities. 

Due diligence was a big topic at the Audit Defence Bootcamp this past week, as the burden of proof in establishing a due diligence defence rests with any appellant to a CRA challenge.

The Supreme Court of Canada recently held that a partnership’s mandatory retirement policy was not arbitrarily discriminative, as a partner is not an employee.

Income inequality is a noted problem in society, and one covered in this blog recently. But it’s one that is complex and requires a closer analysis.