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.

It’s springtime and for some that may mean a new car!   One of the most common deductions for self-employed individuals, certain employees who negotiate contracts on behalf of their employers, and employed commission salespeople, is the deduction for Auto Expenses.   They are also amongst the most frequently audited. There have been some changes to the rules for claiming these expenses in 2024.  Some details follow.

Canada’s tax system has been undergoing significant reforms.  The complexity and uncertainty caused by hurried tax law and a lack of readiness at CRA, have resulted in two last minute cancellations, most recently to  filing T3 returns for bare trusts - so far, only for the 2023 tax year.  Problem is, CRA, can still make a direct request for these filings.  KBR subscribers had mixed reviews about this, discussed below.  By April 16, taxpayers faced further complexity on their sound financial plans:  the proposed capital gains inclusion rate increase. Are these taxes on capital gains the wrong move at this time?  Consider the research and join us May 22 for a vibrant national discussion on what to do about it.

With all the news around the release of the April 16 federal budget in the busiest weeks of tax season, you may have missed what’s happened in provincial taxes for 2024.  Here’s a provincial tax round up to help you make sense of client queries you might get about relocations in 2024 as relates to personal tax changes.  Which is the best province to move to, from a tax filing point of view?  Personal tax budget highlights include:

Are you alarmed by the recent department of finance and CRA’s budget announcements? Are you feeling like you and your clients are drowning in quicksand? You don’t want to miss this Real Wealth Management Program orientation session, where you will have an opportunity to hear from 7 of Canada’s most influential thought leaders as they have a roundtable budget discussion. Learn more about the RWM™ Designation program and how a Real Wealth Management approach can help your clients achieve financial peace of mind through the collaborative multi-stakeholder strategies aimed at building sustainable inter-generational wealth after taxes, fees and inflation.

Last week , on the tax filing deadline of April 30, 2024, the Federal Government tabled a 663-page Notice of Ways and Means Motion to introduce many of the provisions of the April 16 Federal Budget.   Included in the Bill, the Budget Implementation Act, 2024, No. 1 were the following provisions; check out how they impact filing at the virtual CE Savvy Summit on May 22 – earn 15 CE Credits, too :

Although, in general, bare trust filings received a CRA reprieve for the April 2, 2024 tax filing deadline, other obligations remain and will carry non-compliance penalties.  Specifically, CRA has stated that the T3 Return and Schedule 15 (Beneficial Ownership Information of a Trust) will not be required for the 2023 tax year unless the CRA makes a direct request for them.