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.

As of January 2013, tax preparers who receive payment to prepare more than 10 income tax returns in a year will be required to file those returns electronically.

Canada and the United States are working toward improved cross-border tax compliance.

The Crown has appealed a recent Tax Court of Canada (TCC) decision that ruled penalties were criminal in nature, not civil. If the ruling is upheld, advisors will come under increased scrutiny.

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“Taxes should not wag the investment dog,” says Michelle Connolly. Nor, she adds, should investment decisions ignore potential tax consequences.