Helping First Nations, Inuit and Metis with Tax Filing

The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.

Year-end is charitable giving time, but remembering to verify the tax status of any organization that you intend to donate a considerable sum to is very important as not all benevolent oriented organizations will allow a tax credit under the Income Tax Act. Last month, a hopeless appeal was lost in the Tax Court of Canada, for example.  

If a surviving spouse or common-law partner is designated as a successor holder of the TFSA either in the TFSA contract or in the deceased taxpayer’s will, the successor becomes the owner of the TFSA.

With the Senate scandal dominating the news, the issue of what is a principal residence for tax purposes seems an appropriate question.

Where a taxpayer has disposed of a capital property and a portion of the proceeds is receivable after the end of the taxation year, the taxpayer may claim a reasonable capital gain reserve for the funds not yet received.

For the experienced professional, get started on the Fast-Track toward designation by enrolling in November’s Corporate Tax Bootcamp.

Knowledge Bureau is pleased to welcome Founder and CEO of Trilogy Software, Cameron Peters, as our special guest on our November Corporate Tax Bootcamp tour.