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:

The average retirement is 20 years. This powerful calculator will show you what those 20 years look like, financially speaking, after tax, for both you and your spouse, retiring at different times. Test it out with our FREE trial!

A trend appears to have started in balancing provincial budgets, as BC follows Ontario, Nova Scotia, and Quebec in its February 19 budget with the introduction of a "high income surtax" which could, in the absence of planning, increasingly penalize the wealth accumulations of retirees.

Despite an apparent identity theft, a taxpayer was obliged to pay taxes on income he could not prove was over reported. Filed by Greer Jacks, who is researching tax cases EverGreen Explanatory Notes.

The Canada Revenue Agency (CRA) is warning taxpayers that fraudulent emails have been circulating with increasing frequency lately requesting personal information.

Will Canada suffer a housing bubble? Will debt crush the mortgage-strapped in the case of global economic change?

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.