Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.2016 Budget Overview: Additional Tax Measures
Review additional tax measures announced by the Government in the 2016 Federal Budget.
The Canada Child Benefit: Some Surprising Results
The changes the Liberal government has introduced for families has some surprising results, now that we’ve had some time to do some number crunching.
Seniors and Investors – Watch Clawback Zones Carefully
It’s reasonably common knowledge that higher wealth accumulators in Canada will want to do some extra planning to avoid the 33% high federal income tax rate applicable to the terminal return of the last surviving spouse.
Tax Tips: What Tax Deductions Can Employees Claim?
Employers are generally required to pay for the premises, assets and supplies used up by their employees in performing their duties, but in some cases the employee will pay for those costs and be able to claim a tax deduction for them.
New Notice of Assessment Easier to Read
The Canada Revenue Agency has produced a new Notice of Assessment that is easier to read, a long overdue initiative on the financial literacy front. It will now contain assessments of multiple tax years on one form, which Tax Services Specialists will want to review carefully to ensure the best tax efficiencies are applied over the period, and to preserve appeal rights.
Should Capital Gains Be Taxed At All?
Rather than tinkering with capital gains inclusion rates or changing which assets qualify for capital gains treatment, should governments reconsider taxing capital gains? Some studies suggest that capital gains are fictitious and any taxes thereon result in an economic burden. Do you agree?
