CRA Shut Down: Communicate Proactively Before Long Weekend

Did you know that Canada Revenue Agency (CRA) will be undergoing a digital migration on the September long weekend, starting Friday August 29 at 8:00 p.m. and ending Tuesday at 6:00 am September 2, with the proviso that this possibly could last til September 3? What could go wrong? Plenty.

CRA has announced the CPP maximum pensionable earnings and premiums payable by employers and employees for 2022.  Self-employed gig workers will want to be sure they understand the obligation:  $6,999.60 is required to be remitted – just forty cents less than $7,000 – if net income is $64,900 or higher.  For others with lower income levels the employer/employee rate is 5.70% each.  Your taxes will need to be remitted about that.  Here are the details:

Responsible Investing (RI) is not a fad, particularly not in light of the United Nations Glasgow Climate Change Conference taking place this week. And in fact, it has actually been in existence for a very long time, and it is picking up steam here in Canada , said Duane Green, President and CEO Franklin Templeton Canada, who provided a thoughtful and comprehensive expose of the subject at the 2021 Distinguished Advisor Conference.

Avoiding red flags with CRA is always a good idea, but for many small business owners, the shareholder’s loan account presents such a threat.  Here’s how a taxpayer can get into tax audit trouble:

Knowledge Bureau Report asked Marco Iampieri, Of Iampieri Law Professional Corporation, to review a new paper on small business tax competitiveness by Dr. Jack Mintz, who spoke recently at the Distinguished Advisor Conference (DAC), Patrick Smith and V. Balaji Venkatachalam. It’s an important paper for its time, as the small business in Canada attempts to leave the pandemic behind in 2021.

New Course:  Privacy Principles in Business Privacy of confidential financial data is an important issue to your clients and no wonder: Statistics Canada says that about 57% of Canadians online reported experiencing a security incident in 2018.  Do you know how to avoid privacy risks that may arise in your business? 

How much is enough?  Winning Advisors: Grit, Determination and Exhilaration Tony Mahabir, Tony Mahabir, CEO Canfin Financial Group of Companies,  introduced delegates to the Japanese concept of Ikigai which focuses on Life Purpose at the DAC 2021. It all began with a thought-provoking message:  “Are we too concerned with earning money and not living the good life?” he asked.