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:

Planning for caregivers of the sick and the disabled is an important role for Real Wealth Managers™ who are well connected to their clients. Often the biggest concern for caregivers is the maintenance of income sources while they give care to their sick loved ones.

How will the continued weakening of the Canadian Dollar affect personal and family net worth? It’s an important question, especially for families who have recently purchased US property and are forced to pay soft costs with a diminishing currency.  Planning is required.

CRA will proactively adjust the due date for all federal business and other returns filed in Alberta that were due during the flooding. A federal business return filed by August 2, 2013, will be considered as filed on time.

If you’ve lived in a prescribed northern or intermediate zone for a period of at least six consecutive months beginning or ending in the tax year, you may be able to claim the Northern Residents Deduction on Line 255.  Not sure if you qualify? 

Alan Rowell, MFA, DFA-Tax Services Specialist, shines a light on a new communications issue at CRA...how would you advise a client with this problem?

Our Disability Awareness series concludes this week with a look at non-refundable tax credits that can be claimed on the tax return. These articles are excerpted from Jacks on Tax, by Evelyn Jacks.