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:

Do you know someone who has an incredible “presence”? There’s something about them that is intriguing and difficult to articulate, but we know that they possess the power to captivate.

Ensure you and your staff provide your clients with the most accurate and current tax information and services. Our T1 Professional Tax Preparation – Basic course now includes the latest tax changes for the 2013 and 2014 tax years, including announcements made in the February 11, 2014 federal budget.

With EverGreen Explanatory Notes, you have an indispensable wealth of resources at your fingertips when interacting with your clients. Buy a 3-month subscription ($199) and increase your Irish luck with a FREE 3-month Calculators subscription ($249 value!).

On February 23, the same day Canadians watched their men soar to gold in hockey over Sweden, the G20 Finance Ministers and Central Bank governors reported ten points of great news from their meeting in Sydney, Australia.

Don’t forget the RRSP contribution deadline of March 3, to maximize your 2013 RRSP deduction and reduce net and taxable income.

G & J Muirhead Holdings Ltd. v. The Queen (2014) TCC 49, a recently released judgment from the Tax Court of Canada (TCC), serves as an important reminder to all taxpayers that rely on the corporate status of their small business for favourable tax treatment: the personal services business distinction could cost you.