Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

Business continuity planning and how to build value for succession planning is a hot topic today. Advisors who can help will engage in relationships with many stakeholders and a vibrant, often emotional journey. 

Once again, the response to our trivia contest for a chance to win a free registration to the Distinguished Advisor Conference (DAC) in the spectacular wine country of BC has been phenomenal!

Sarah McCurdy, a DFA-Tax Services Specialist and Certified Professional Bookkeeper with the IPBC.

Most parents work hard in the hope that their children will be able to enjoy a better life than they did. A groundbreaking new study recently released by Statistics Canada shows that younger generations of Canadians may indeed be reaping the benefits of that Canadian Dream.

Expanding the Canada Pension Plan has been a priority for the federal government from the start of their mandate. The goal is to shore up retirement income at a time when access to company pension plans is dwindling. To that end, a steep increase to CPP contribution rates looms in 2019. But will this do the trick to close the savings gap? There is debate on the issue.

In the CRA’s crackdown on sophisticated or aggressive tax avoidance schemes, convictions are routinely listed on the agency’s website for all to see. But public shaming is the least of the consequences lawbreakers will have to face. Stiff fines and penalties are a much bigger issue.