“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:
Aside from understanding that Canadian residents are taxed on world income in Canadian funds, there are only a few basics you need to know about the marginal tax rate system in Canada.
Tax is a trigger for most clients. It’s complicated, time consuming and requires the meeting of a deadline. It’s also very expensive: it is the family’s largest lifetime expense.
American Mike “Mish” Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management, who wrote the following analysis of the markets on November 28, 2012. Do you agree or disagree with his sentiments?
Do you agree that public trustees, guardians and departments supporting Indigenous Services should be able to certify impairments for the Disability Tax Credit?