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:

Tax audit season has begun and you need to be prepared to represent your clients with competence, confidence and a winning attitude by knowing what will be audited, what can be defended, and how to astutely position your advocacy for your client’s best after-tax position.

The Age Amount is a non-refundable tax credit found on Line 301 of Schedule 1 of the federal tax return (provincial amounts may vary).

Doug Nelson, author of Master Your Retirement, looks deeper into the questions you should ask yourself when considering each of the seven retirement plan components.

If you plan to attend school or work temporarily in the U.S., you may technically be deemed a U.S. resident for tax purposes.

Now’s the time to prepare for next tax season by upgrading the skills of you and your team. Start the DFA-Tax Services Specialist™ Designation program for the “a-ha” moments and finish it for the opportunity to connect and differentiate. Enrol by June 15 and attend DAW as our guest.

Money and finances play such a critical role in our day-to-day lives, yet it can be one of the most uncomfortable and polarizing topics to discuss. Break taboo and learn to broach financial topics with a plan. Purchase your copy of Financial Fotographs today – makes a great graduation gift!