AUTHREP Changed July 15

Since July 15, the "Authorize a Representative" service in EFILE, accessed through tax software, will no longer be available. Tax professionals must now use the Represent a Client (RAC) portal to request online access to a client’s account.

Two provincial budgets were released on either side of the Easter Weekend:  Ontario’s on March 26 and Manitoba’s on April 2, and their approaches were entirely different: one reflecting few taxes changes (but a promise of tax reform!); the other a plethora of broad-reaching new ones that will raise taxes and increase complexity.  Here’s what you need to know:

As Canadians scramble to meet their April 30 tax filing obligations, the federal government plans to release its next budget on April 16.  Expect more red ink as debt services costs skyrocket. According to a new study by the Fraser Institute, the government debt burden for families across Canada has been growing significantly, it’s making us poorer.  The numbers tell the story, below, and underscore the need for a fiscal focus on our future prosperity.  

The health indicators for small business in Canada show weaknesses that should be of concern to all Finance Ministers who face their own challenges in offsetting growing deficits and debt service costs with economic growth.   From new bankruptcy statistics (see below) to CFIB’s Business Barometer for March, the business outlook, at least in the short term is somber.  In addition, 77% of advisors who answered Knowledge Bureau Report’s March poll, believe the recent CEBA deadline will push more into bankruptcy.  

Did you agree with the government’s last minute abort of the bare trust filing requirements on March 28, just one business day before the April 2 deadline? 

In March, we asked our Knowledge Bureau Report readers to share why they subscribe to our weekly breaking tax and financial news. The feedback is in:  not only is it an invaluable resource for tax, accounting and financial professionals in their own practice, it helps create more informed and empowered taxpayers. Check out their comments, and we invite you to take this opportunity to share the subscription with your clients.

Especially in light of family business tax changes; and new technology advancements at CRA, a financial intermediary who can integrate advice on all aspects of a financial transaction – from banking to tax reporting - will be well positioned to help both new market entrants and older clients with tax problems it’s high value advice that crosses all demographics. Take 10! Join us for an interactive DMA™ Program Orientation and become a DMA™- Accounting Services Specialist.