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.

Knowledge Bureau wants to hear from you on how you are managing the coronavirus with your staff and clients. Today we hear from The Accounting Place and their response to the Pandemic.

What’s new in tax filing season 2020 now that it’s officially underway? There is $1 billion in uncashed cheques at CRA for 7.6 million people; paper-filed returns have been sent to 1.7 million people; plus, one more important detail that hasn’t had a lot of attention yet. That is, the tax return is 8-pages long this year!

Is wealth preservation important as demographics change dramatically over the next 15 to 20 years in Canada? Or are today’s taxing requirements so great that governments need to tap into wealth accumulation immediately? Those are a few of the tax policy questions to be answered as federal and provincial budget season arrives in Canada this month. A recent federal government report provides some good clues as to what may lie ahead.

Canadians have a unique perspective on tax refunds – they seem to love them! Taxpayers have the tendency to use the refund as a savings strategy, according to our February poll. It’s something the pros don’t necessarily agree with, but 75% of them felt that reducing tax withholdings would have no benefit in helping Canadians manage their money.

Do you know why we celebrate St. Patrick’s Day as a day of luck and good fortune? We’re pleased to share some fun facts and folklore about the luck o’ the Irish and extend a lucky charm to you: a special tuition offer.

New from Knowledge Bureau: Join the Society of Real Wealth Managers™.  It’s a national network of financial specialists who enable peace of mind by taking a multi-stakeholder approach to family wealth management.  Professional collaboration is so important in uncertain financial times. Become a charter member at an introductory fee, upskill and get connected today.