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:

Investing on a pre-tax, tax deferred basis is powerful. See at a glance how your savings will accumulate over time with the Registered vs Non-Registered Savings Calculator.

Join us November 9-12 in beautiful Horseshoe Bay, Texas for our 11th annual Distinguished Advisor Conference. It will undoubtedly have you thinking BIG for the future. Receive best rates on pre-registration when you reserve your spot by February 15.

The Canada Revenue Agency (CRA) has released a new information package pertaining to the Home Buyer’s Plan and has included the required Form T1036.

Every six weeks the Bank of Canada announces its interest rate policy. Last week, the Bank of Canada maintained the benchmark interest rate at one percent, signaling the continuation of the longest span of inactivity on the issue ever.  

Traditionally, if a business venture was a fraud from beginning to end, the courts have held it is not possible for a business to exist and therefore can be no source of income from which expenses could be deducted for tax purposes.

When it comes to tax time, it always pays to do a good review of the tax changes from one year to the next and find those “dark horses”; the little-known tax facts that can make a big difference on tax filing outcomes.