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:

Keep an eye on net income, Line 236 of your T1 return. It’s one of the most important lines because of its impact on the size of your refundable and non-refundable tax credits. 

This week: 10 neat things about blue jays

Portfolio construction begins with the thorough understanding of the risk profile of the client. This course's components assist in the ultimate process of designing and implementing the most appropriate portfolio to match the risk profile of the client.

Do you know what you don’t know? When to talk to a pro? This book will help guide you, line-by-line. It’s a book for everyone because its premise is simple: a more informed taxpayer, working with a collaborative professional community, will get more out of the tax system now and in the future. Order by Feb. 11 and receive $5 off this Canadian Bestseller.

The first section of this calculator will give you a quick answer to how much tax saving are available by making an RRSP contribution. Use the second section to determine the costs of a proposed RRSP loan and compare the loan costs to the earnings within the RRSP during the loan repayment period.

The income gap between Canada’s top 1% of taxfilers and the other 99% is still substantial. But, so too is the gap between the amount of taxes paid by the two groups. In 2010, the “rich” accounted for a disproportionate share.