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:

Statistics Canada is reporting that a shortage of labor continues to be a significant issue for 35% of businesses in Canada, while skilled labor shortages are an obstacle for close to 28%. Those who responded to Knowledge Bureau’s July Poll agreed:  91.67% said yes, their clients are finding it more difficult to hire skilled people in 2022. 

Can ethical behaviour be regulated? Can we eliminate all of the “Bad Apples’ with regulation or does it take more? Is it possible that ethical behaviour is a byproduct of a “culture of care”? In other words, when it comes from the heart, is ethical behaviour a standard on its own? Organizations must be sure and so, they must back up a culture of care with strategy and processes to ensure consistency.  CEO of CANFIN, Tony Mahabir who will share his inspiring insights on how to accomplish this against the backdrop of increasingly complex and expensive regulation.

It’s not too late to learn to prepare personal income tax returns from your home or office and now you can confidently learn and practice with Knowledge Bureau’s newly released Professional Entry level course. 

After years of historically low interest rates, lending rates have risen dramatically since March 2022 with prime rates rising 2.25% in just over 4 months.  Many clients are now becoming more concerned about the impact rising rates will have on their cash flow and looking for ways to reduce their borrowing costs. One way is to be sure tax deductions for interest costs are maximized. Here’s how:

University bound? It’s an exciting time of life for both young adults and their parents, both of whom may be able to write off some of those expensive tuition fees.  What else is new is your tax filing status. A Tax Services Specialist can help answer your questions and a handy guide to the rules follows:

Over 90% of professionals are having a tough time finding skilled staff, according to this month’s Knowledge Bureau Report Poll.  We thank Anne Laurin, Founder and CEO of Tax Busters in Barrie, Ontario for her astute commentary on this critical issue for Canadian tax professionals.  She offers several reasons for this troubling trend, and we hope you will weigh in too.