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:

An effective year-end tax strategy is to donate to charity. Investors can do so by transferring qualifying shares to their favorite charity and avoid capital gains taxes by doing so. 

The Tax Court of Canada recently allowed aspects of an appeal of one prominent real estate agent in Winnipeg from reassessments made by the Minister of National Revenue (MNR).

If you have a client who has a Registered Disability Saving Plan and is receiving disability assistance payments from the plan, a portion of these payments will be shown in Box 131 of a T4A slip and added to income on the 2013 return.

Gifts made by you or your spouse in the current year or in any of the immediately preceding five years can be claimed on this year’s return so long as those donations have not already been claimed.

You are going to be busy. Now is the time to update your skills and train your staff before tax season begins. Start earning valuable CE/CPD credits today!

Especially for tax practitioners and wealth advisors, you are invited to a unique professional development opportunity.