Bill C-31: Royal Asset and New CRA Powers Could Come Soon
Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:Messing with the New Housing Rebate Unwise
A decision released recently from the Tax Court of Canada will be of interest to those seeking to apply for the new housing rebate for a principal residence. Wong v. The Queen, 2013 TCC 23 featured an interesting analysis of subsection 254(2)(b) of the Income Tax Act (the Act) as well as actions from the appellants that is worthy of note.
New $5 and $10 Bills to Start Circulating in 2013
The Bank of Canada unveiled the latest and last of the new redesigned polymer bank notes this week. The $5 and $10 polymer notes will complete the series that began with the $100 note in November 2011.
Lost Your Job? Use an RRSP Strategy
Employees who leave their jobs and receive retiring allowances should include an RRSP strategy in their planning to keep more of that money.
Featured Event: Distinguished Advisor Workshop – Audit Defence Bootcamp
Tax audit season begins soon! Ensure you're prepared for any appeal with our Audit Defence Bootcamp. Coming to a city near you this month!
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Featured Course: Tax Planning for Corporate Owner-Managers
Advise private business owners and managers about the best way to manage their compensation to maximize the amount of after-tax income available. Gain a solid understanding of options available when constructing compensation packages, of the salary-dividend-bonus mix to maximize tax efficiency, and of constraints imposed by income tax and other laws so you can provide sound advice to your clients on compensation planning all year long.
