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:

As with all things tax, the federal government’s recent announcement of a $250 Working Canadians Rebate comes with confusion and complexity.  The provision was effectively halted in the House of Commons less than a week after its announcement and is now in jeopardy of coming to fruition for 2025. Here’s what you need to know however, to prepare to receive it, should the Liberals and NDP parties come to agreement on its structure:

Bill C-78 introduced on November 27 to suspend the GST/HST on a wide variety of goods from December 14 to February 15, 2025 appears to be moving ahead in the House of Commons on a fast track.   The provisions deserve a deeper dive, however, as this comes with a multitude of significant future costs including unwelcome new tax audit risk for retailers.  Here’s what tax advisors and their clients need to know and plan for before the end of the year:

Now is the time to explore your exclusive Black Friday tuition offers: save 30% until November 30. Only $695 per certificate course. Explore a new pathway to specialized credentials or train your team at these tuition rates:

Did you know that the CE Savvy Summit: 2025 Advanced T1 Personal Tax Update is coming to a city near year this January? All the updated knowledge and resources a tax or financial professional needs, including expert instruction on 2024 T1 Completion and Tax Planning for 2025. Register by January 10 early-bird deadline for tuition savings and take advantage of new team member rates to prepare your staff for the upcoming tax season.

Canada’s only multi-disciplinary conference for tax accounting and financial advisors wound up on Montreal on November 12; but the memories of an outstanding CE learning and networking event are guaranteed to linger.  Check out the photos here then take advantage of early registration offers for the next event: Acuity 2025, November 23-26, 2025 in Puerto Vallarta, Mexico.  The theme is Happy Landings:   Discover a New Era of Risk and Rewards! 

Owning a home, once almost considered a right of Canadian citizenship, has become a more distant dream for millions. The high cost of housing, coupled with a desperate shortage of supply, has turned the notion of home ownership into a near impossibility for many Canadians and those who have arrived in our country more recently.  The Tax-Free First Home Savings Account (FHSA) can help but it’s important to open an account before December 31, 2024 to create and preserve the contribution room.