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:

It’s February, and that means that the Groundhog and Cupid vie for our attention. They seem to personify the challenge Canadians have with their fiscal balancing act: the ongoing lure to demonstrate love through wallets, with the fiscal obligations to spend and plan for our futures responsibility. 

Earning her DFA-Tax Services Specialist designation in 2007, Margaret Hodgson has been an active alumna of Knowledge Bureau ever since, regularly attending our live Distinguished Advisor Workshops and making the annual trip to the Distinguished Advisor Conference.

Self-reported pension sources can include amounts received from foreign pension sources. Depending on the terms of the tax treaty between Canada and the country in question, some or all of that income may be deductible.

I have a 13 year old son for whom I just opened an RESP in 2013. How much would I have to annually contribute to the RESP in order to catch up and maximize on the savings grant that the government contributes before my son turns 18?

Maximize your tax refund by ensuring you have claimed every credit possible. Check out this week’s Jacks on Tax Tip: Line 128 Support Payments...

Ensure your payroll is more than just accurate – make sure it is compliant. Knowledge Bureau’s Advanced Payroll course will qualify you as a certified payroll clerk – enabling you to complete a payroll of advanced level of complexity and help you fully understand the consequences of non-compliance.