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:

On Jan. 14, Gary William Mechar of Kamloops, B.C., was sentenced to four years in prison and ordered to pay $276,655 in restitution to two financial institutions.

The unstable global economy tops the list of “urgent” issues to address in 2013, says the World Economic Forum (WEF).

It’s no secret that governments are awash in debt. But, where is the money to pay down federal and provincial deficits and accumulated debt going to come from?

A recently released judgment from the Tax Court of Canada testifies to the importance of good record-keeping and exemplifies a clever method that the Canada Revenue Agency (CRA) invokes when investigating taxpayers who hide behind inadequate records.

If you turn 65 before July 1, 2013, can you still opt to delay receipt of Old-Age Security (OAS)?

Everyone in Canada qualifies for the Basic Personal Amount (BPA).