AUTHREP Changed July 15

Since July 15, the "Authorize a Representative" service in EFILE, accessed through tax software, will no longer be available. Tax professionals must now use the Represent a Client (RAC) portal to request online access to a client’s account.

Knowledge is powerful when shared  and summer is the prime time to enhance your own and train your team with Canada’s most up-to-date and comprehensive online tax and financial courses.  Multiply your personal development and your business opportunities, too. Save $1,000 when you enrol in a Fast Track Designation Program by June 30.

As Canadians face both soaring temperatures and a summer of rising prices, there is another hot issue emerging: tax debt. Of the 28 million returns filed as of June 13, just over 7 million of them had an average tax debt $6,739.  With the proprietorship deadline of June 15 ending last week, this tax debt – and the number who owe it could increase. It’s the first type of debt to pay attention to.  Here’s why:

Taxpayers in Canada who have a severe and prolonged impairment of physical or mental function will qualify for the disability amount if they get their doctor (or nurse practitioner) to attest to that on Form T2201 Disability Tax Credit Certificate, sent the completed form to CRA and CRA approves the claim based on the T2201. The April 2022 Federal Budget introduced a number of changes to the criteria for eligibility for the credit, but these will only be available once the legislation (included in Bill C-19) receives Royal Assent. This is imminent at the time of writing. Here are the details:

After spending close to $12 million to reform government processes and rollout new federal disability programming, the government reintroduced legislation to create the New Canada Disability Benefit (CDB) on June 2.  It is meant for those under age 65, but it is unclear when this new income-tested source will actually be in the hands of the disabled and in what amounts. Here is what we know so far:

There’s still time to join us today, June 23 at 12 PM CST/ 1:00 PM EST to spend some time discussing how professional advisors and charity professionals  can work collaboratively to enhance the client/donor experience.  Lead by panelists MFA-P™ alumni Candice Jay and Aneil Gokhale, this MFA-P™ Discovery Seminar is one you don’t want to miss!  RSVP now!

Most advisors know how difficult it is to discuss financial matters when there are other issues in the family:  conflict, disability or financial worry. Imagine this barrier:  how to unlock the deep moral injury young people feel about the institutional and generational betrayal of their mindset; in particular, their significant distress about the enormous existential threat they face in their future.  Learn more about why this matters in tax and financial planning with Dr. Britt Wray at DAC Acuity 2022 in Niagara Falls, October 16-18.