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:

Help your clients determine the tax savings (and therefore the after-tax cost) of their charitable donations.

A recent survey by Stats Canada reveals an increase in employment of 1.6% or 286,000, all in full-time work over a 12 month period.

Studying abroad can be an exciting opportunity for any Canadian, but it can complicate matters when it comes to reporting taxes.

Retirement income planning begins with the first dollar you save. That’s way RRSP season is important to young people, even though retirement seems too far away to worry about. But you should think about what lifestyle you are saving for and for how long your money needs to last between now and March 1, the RRSP tax filing deadline. 

No, different income sources attract different marginal tax rates.

Edwards v. The Queen.  A recent decision from the Federal Court of Appeal, Edwards v. The Queen (2012 FCA 330), contains interesting dicta regarding the Canada Revenue Agency’s (CRA) administration of proposed legislation in the last decade or so, with the presiding Justice JA John M. Evans declaring it “fundamentally unfair.”