Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

Here at Knowledge Bureau we are absolutely thrilled it’s 2023.  We were born in January 2003 and so it’s officially our 20th Anniversary! Please mark your calendar for these 20th Anniversary celebration events – and start participating to win hundreds of dollars in prizes!  This month we are celebrating the Marquis Client Award - which is who has taken the most Knowledge Bureau courses.

Same neighborhood, similar income, less cash flow?  The secret in the financial sauce could well be an RRSP strategy.  With the deadline only weeks away (March 1, 2023), it’s time to buck trends to forego the RRSP contribution and consult with your financial advisor now to exponentially increase both income and wealth.

Employers:  Do you have an opinion about your mandatory participation – by March 2024 -  in a new $43.9 million payroll remittance and EI benefits system overhaul which will result in a real time e-payroll system? The federal government has launched a consultation process and if you’re interested in responding, do so by January 27.

CNIL (generally pronounced senile) is the acronym for Cumulative Net Investment Loss.  Tracking CNIL started after December 31, 1987.  Most people don’t know why CNIL is so important and why tax software tracks it so carefully on a year-to-year basis.  But if you’re a small business owner counting on using your full Capital Gains Deduction, here’s what you need to know:

Investors need to quickly sharpen their tax and financial skills to meet more challenging times ahead, and a good way to start is to find the right advisor says Knowledge Bureau Founder and President Evelyn Jacks, best-selling tax financial author and award-winning educator.  That’s someone who is prepared to work with you holistically and with a multi-stakeholder approach to building sustainable family wealth – after taxes, inflation and fees. 

The World Economic Forum, which wraps up this week, signaled more gloomy economic news for 2023, more interest rate hikes to come, and a mild recession.  For worried investors, retirees and employees, particularly in the tech industry, shoring up new learning opportunities is a good idea.  Knowledge Bureau can help with a new series of Specialized Credentials and micro-courses that begins with a solid understanding of a key wealth eroder: TAX.