Late Filing Penalties: Talk About It!

While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:

There have been several new tax and economic developments on climate change this month. Statistics on the Climate Action Incentive (CAI) payments became available, Albertans repealed their provincial carbon levy and the Final Report from the Expert Panel on Sustainable Finance was released.

For executives who are compensated in part with stock options, mid-summer tax planning will be especially important this year. The Notice of Ways and Means Motion, introducing draft legislation to implement a $200,000 limitation to the stock options deduction will take effect in 2020 for employees of large, mature, public companies. If your client is an executive in one, it’s important to schedule a tax planning discussion.

We’ve rarely been as excited as we are this year for the Distinguished Advisor Conference, and this is largely due to the incredible agenda, speakers, sponsors and networking activities we’re proud to share with you. Plus, you’ll save $100 on tuition fees if you register this month.

Knowledge Bureau designate Kristin Ramlal is a graduate of the RWM™ program, Distinguished Advisor Conference speaker, and a founding member of the new Society of Real Wealth Managers™. Her commitment to education is inspiring! Here is her story:

Summertime is a great time to invest in your professional development, and Knowledge Bureau’s new Ez-Pay installment options make it easier than ever to get started.

The fifth report on the tax gap – the difference between taxes payable if all taxpayer obligations were fully met and what was actually paid and collected – was released this week by CRA for the 2014 year. Focused on corporate tax filers, large and small, a shortfall has been estimated at between $9.4 billion and $11.4 billion, but a closer look at the report finds most individual and corporate taxpayers try their best to comply with Canada’s complicated tax system.