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.

Working with both financial advisors and tax specialists can help clients give more to their communities through charity before year end.  But it’s critical for advisors to be proactive now, or time will run out to give more, tax efficiently. One common issue I’ve come across is with clients who have a non-registered investment portfolio, but are writing cheques to charities for their annual giving.

An overwhelming majority of Knowledge Bureau poll respondents, 93%, believe investors should harvest tax losses in 2022 to recover taxes paid on capital gains declared in the past three years.  It’s an interesting question, however, because in some cases it might be the right thing to do; in others not.  Most professionals reflected this sentiment in their comments.

Do you like working numbers and have an aptitude to solve problems?  Do you love working with people? It may be the right time to change course and embrace a new career path in the tax accounting industry.  It can be financially rewarding, too.  An accountant with 0-3 year's experience living in Alberta is making on average $70,538, according to the latest Robert Half Salary Guide. A senior tax accountant in Toronto is making over $100,000.

Knowledge Bureau is pleased to announce that two of its designation programs qualify for IIROC Credits:  The RWM™ (Real Wealth Manager) Designation qualifies for 20 PD credits and the MFA-P™ (Philanthropy) designation provides 20 PD and 3 Compliance Credits.

Here’s a proactive conversation starter with your clients this month: a tax filing and benefits milestones chart!  It’s a great way to ensure your clients can cash in on generous benefits from the government and a chance to remind your clients how important filing tax returns really can be. 

To incorporate or not incorporate, that is the question… a very common question that small business owners ask their trusted advisor.  There are so many variables that come into play in this decision, so the answer is, it depends!  Read on as we consider the factors to consider with a small business owner.  Only then should the transition from sole proprietor or partnership to a Canadian Controlled Private Corporation (CCPC) be taken.