CRA Shut Down: Communicate Proactively Before Long Weekend
Did you know that Canada Revenue Agency (CRA) will be undergoing a digital migration on the September long weekend, starting Friday August 29 at 8:00 p.m. and ending Tuesday at 6:00 am September 2, with the proviso that this possibly could last til September 3? What could go wrong? Plenty.Year End Tax Tip: Correct Old Tax Returns Before Year End
There might be gold in prior filed tax returns and cash-strapped Canadians may not know about this. You too can tap into CRA’s Taxpayer Relief Provisions when there are factors beyond the taxpayer’s control that resulted in penalties or interest charges or in cases where there were errors or omissions. In fact, CRA can issue refunds for up to 10 years and that means you should review your 2012 tax returns prior to December 31. What are common missed items?
Millions of Uncashed Cheques Tapped Thanks to The Taxpayers’ Ombudsperson
In times of high inflation and a down-trending economy (like today) Canadians pull out all the punches. They scrimp, they save and they cut corners where they can. Many also started to rely more heavily on the Canada Revenue Agency (CRA) for benefits and importantly their public advocate with the CRA: The Office of the Taxpayers' Ombudsperson (OTO), who fielded a record number of urgent requests this year and prompted millions in uncashed cheques to be cashed. OTO has also created an important new opportunity for tax advisors.
Peace and So Much Joy! Holiday Schedule at Knowledge Bureau
This is our special wish for you throughout the holidays! Thank you sincerely for your readership and support. . .we look forward to sharing knowledge with you in the New Year!
A Unique Gift For Your Team: DAC 2023 in Beautiful Banff!
Join us in Beautiful Banff November 11-14 at the spectacular Banff Springs Hotel for the Distinguished Advisor Conference (DAC). You won’t want to miss the outstanding special guest speakers, the Snow Ball Gala celebrating our 20th Anniversary, and the opportunity to give the gift this extraordinary Educational Extravaganza to your most dedicated team members!
The Full Agenda: Advanced Personal Tax Update
You can’t afford to miss this if you are a professional tax accountant, bookkeeper or financial advisor! Your clients are counting on you for accurate tax filings, sound tax planning advice and the recommendations to the correct investments as inflation and high interest rates interrupt financial peace of mind. Check it out and register now.
Help Clients Reduce the Downward Pressure on Wallets
Is the Grinch in the house? The interest rate hikes just haven’t stopped in 2022. On December 7, the Bank of Canada (BOC) increased policy interest rate again by 50 basis points, leaving many Canadians worried about the effect on their finances in 2023. Currently, the overnight rate is 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. But this translates to much higher costs on various debt transactions: operating lines, lines of credit and mortgages. Is there a silver lining?
