Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

The tax filing deadlines for Proprietorships  is June 15. There is still time for you to earn a certificate to professionally complete income statements for the self-employed, partnerships, farmers, fisherman, and professionals in the most tax-efficient manner with T1 Professional Tax Preparation – Proprietorships. Save $50 by enrolling online today.

Assist your clients with making a plan to get out of debt with the Debt Reduction Solutions Calculator. Become a certified Debt and Cash Flow Management advisor – it only takes 30 hours online.

Stand up with professionalism to potential legal challenges from CRA or other family stakeholders. Register by May 15 for early bird rates.

The tax professional is becoming a central focal point for information-gathering on behalf of the Government, and in the process can be at significant financial risk. Fees charged to clients may have to reflect this new reality as CRA continues to unveil new and more detailed forms – with big penalties for missing information.

The United States Federal Deposit Insurance Corporation (FDIC) filed a lawsuit in federal court in Manhattan on March 14th against sixteen banks, including RBC, alleging fraudulent activity in conspiring to keep a key international interest rate artificially low for their own enrichment.

In Roszco v. The Queen (2014) TCC 59, a recently released decision from the Tax Court of Canada, the issue at hand was whether interest generated from fraudulent schemes was taxable within the meaning of section 12(1)(c) of the Income Tax Act (the Act).