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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Seventy-one per cent (71%) of Knowledge Bureau Report readers feel that do-it-yourself tax filers using tax software and NetFiling can’t lose by investing in a relationship with a tax professional.

While there were few personal tax changes in last month’s Federal Budget, many seniors and their families may be affected to some degree by the adjustments made to GST/HST Canada. The paper burden has also been reduced for businesses who offer Pension Plans, including Pooled Retirement Pension Plans, or deal with the Governor General.