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.

With the feasts of Thanksgiving behind us in Canada, we begin the fall with gratitude for so much, not the least of which is that we live in a peaceful democracy.  Notably there is a connection between that and the Nobel Prize for economic sciences, awarded on Thanksgiving Day this year.  It recognized three laureates for their research into why some countries are rich and some are poor.  Their conclusions could have implications for the advice tax and financial advisors give as well. 

Knowledge Bureau is pleased to announce that Onelife Wealth Management has been honored as the Marquis Firm of the Year and will receive this special award at the Acuity Conference for Distinguished Advisors, on November 10 at the St. James Club in Montreal. In this interview with Knowledge Bureau President Evelyn Jacks, advisor Christ Valentine, MFA, DMA, MFA-P, RWM, one of the 26 members in the firm, discusses why this award is especially meaningful.

It’s enough to make some Canadians question “Should we stay or should we go?”  Knowledge Bureau President Evelyn Jacks is pleased to welcome cross border expert Sharon Conrod and Financial Post tax columnist Kim Moody to help decipher how new capital gains inclusion rates, the AMT on donations, family business succession rules and cross border taxation all will be changed for year end tax planning 2024.  Doug Buss will bring it all together from a Real Wealth Management perspective as the virtual event closes with retirement planning issues for 2024 and 2025.  

Like people, businesses who survive the test of time, thrive over numerous lifecycles, dodging obstacles like economic and tax changes. Tax and financial advisors are important professional partners in the journey.  This is especially true when business owners become so consumed with the day-to-day aspects of running their business that they spend less and less time working on the investment in the business itself.  The advisory role is to help business leaders take a broader view of the company and in process, to shore up business value for an exit down the line.

Last month we took a walk through the history of tax reform in Canada.  This week, we’ll share a timeline of pension reform in Canada with a walk through of significant provisions since 1927, found in the Canadian Museum of History.  But before you take a peek, see if you can answer a short pension quiz, especially if you are a retirement planner or tax advisor:

When it comes to disputes with Canada Revenue Agency, there is a presumption that the individual or company will receive fair treatment by the Agency and under Canadian law. However, a report from Audit Powers Working Group of the Joint Committee on Taxation of the Canadian Bar Association and Chartered Professional Accountants of Canada raises four areas of concern about proposed changes to CRA powers.