Helping First Nations, Inuit and Metis with Tax Filing

The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.

Now that the rush of tax season is over, how did your clients do? Were they faced with a big tax bill or did they receive a refund? Perhaps they feel as if they’ve had a less than stellar fiscal year, but they shouldn’t feel discouraged. As you know, mid-year is a great time to review financial goals and to make necessary changes now to ensure a better outcome next year. 

This year’s Distinguished Advisor Conference marks the fourteenth year of DAC. It’s become a great tradition in the world of financial education, and there has never been a better time than now to attend. At this year’s conference in Kelowna, B.C., our speakers will be presenting information and solutions that are relevant to today’s issues. 

Here’s a true-to-life case study: Let’s suppose that you, as a bookkeeping services professional, have a client named George, who is the owner-manager of a family-run restaurant. Working with George is his wife, brother, sister-in-law, a couple cousins and his teenaged daughter. While the business is going well, his marriage isn’t. 

Grant McPhail, CLU, CHFC, GBA: Wealth Advisor and proud grandpa

On June 16, the Auditor General rapped CRA’s knuckles, stating that their response to income tax appeals and objections is too slow. And since 65% of them are settled in favor of the taxpayer, the CRA needs to work harder at finding ways to solve issues before they go the appeals route.

Are you planning to sell a personal residence, such as your cottage, in 2017? If so, refresh your tax compliance requirements by making an appointment with a tax specialist before you sell.