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:

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Affluenza is a problem!  What challenges do advisors face in building wealth for the children of their clients, especially in the case of high net worth clients?  

The RRSP is the most versatile vehicle available for tax planning for most Canadians although it is often poorly utilized. The RRSP Savings Calculator provides quick answers about the potential tax savings that can be obtained through an RRSP contribution as well as the consequences of borrowing to make that contribution.

On June 12, 2013, the Federal Court of Appeal released its decision in Canada v. Guindon (2013 FCA 153). The issue to be determined was whether advisor penalties levied under Section 163.2 of the Income Tax Act (the “Act”) created an “offence” within the purview of Section 11 of the Canadian Charter of Rights and Freedoms (the “Charter”).

On June 20, the Honourable Ted Menzies, Minister of State, Finance, announced that the selection process for the first Financial Literacy Leader of Canada was officially underway.

On June 22, the Canada Revenue Agency (CRA) announced that taxpayers who have been affected by the recent flooding in the Calgary area would have access to the taxpayer relief provisions, if they were unable to meet their tax obligations on time.