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.

Finance Canada recently released proposals to amend certain sections of the Income Tax Act (the Act) pertaining to the tax treatment of certain trusts, which only came into force on January 1, 2016. To the relief of many tax and legal practitioners, the proposals remedy some undesirable aspects of the amendments,  especially as it relates to charitable giving.

One document you must remember to keep track of after filing your tax return is your Notice of Assessment or Reassessment from the Canada Revenue Agency (CRA).

Many people don’t understand one of the most fundamental reasons to file a tax return: claim lucrative refundable tax credits.  It’s especially important for families that qualify for the Canada  Child Tax Benefit, which is expected to be enhanced this July.

Using comprehensive tax reduction strategies as a leading weapon in sustaining family wealth always makes sense, but never more than this year. In an investment climate in which there is very little certainty, it pays to look for winners we can count on: tax-efficient investments, for example.

Taxpayers who performed services outside Canada for more than six consecutive months during 2015, for either a qualifying Canadian employer or a Canadian-owned foreign affiliate, will qualify for a special tax credit.

Tax and financial advisors agree: more than ever, empathy is a key ingredient of successful advisor-client relationships. This was borne out in a presentation by Craig Dowden, Ph.D., at the recent Distinguished Advisor Conference. Registration is now available for this annual event, being held in San Diego, November 6 – 9, 2016.