Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:New Cross-Border Tracking Rules Have Tax Implications
Thinking of leaving Canada for extended vacations or visits? You will now need to be more careful about your absences if you want to remain eligible to collect social benefits, like the Canada Child Tax Benefit, Old Age Security or Employment Insurance. That’s thanks to the Perimeter Security Pact between Canada and the United States, which was initiated back in 2011 and has been undergoing four phases of implementation.
Cybersecurity at Issue
Cybersecurity is an issue all tax and financial advisors may find themselves answering questions about this tax season.
Ground-Breaking Survey: How Loyal Are Your Clients?
Canadians who work with financial advisors are better off financially than those who do not, and many clients feel that their advisors add more than just financial value, impacting many aspects of their lives. That’s the good news. The bad news? Only 36% of clients said they would stay loyal to their advisor’s business when the advisor retires; in fact, about 50% are prepared to walk when you retire.
Gratitude: Holiday Hours at Knowledge Bureau
The beauty of a Virtual Campus is that you can enrol and study with Knowledge Bureau any time, 24/7. However, our head office staff will be taking a well-deserved family break from noon December 24, returning bright and early on January 4. We are grateful for their hard work and dedication and thank them sincerely for their passion in serving you – our cherished clients – all year long.
TD1 Personal Tax Credits Return Released
CRA released its personal tax credits return on November 27 with few surprises.
Tax Treatment of Trusts: Finance Canada Responds to Concerns of Practitioners
Recently a group of professional organizations, including the Society of Trust and Estate Practitioners (STEP), expressed their concerns about amendments to the Income Tax Act (the Act), which received Royal Assent on December 16, 2014. The provisions, related to subsection 104(13.4), the tax treatment of trusts, come into effect on January 1, 2016. The Department of Finance responded to those concerns in an open letter on November 16, 2015, a summary of which follows.
