June 30 Tax Deadline is Looming for Non-Residents

An important deadline is approaching for non-residents with certain Canadian-source income. June 30 is the deadline to file elected returns under Section 216 (pertaining to rental income) and Section 217 (pertaining to Canadian source pension income). There may be significant consequences for missing this deadline as returns received after this date, generally aren’t accepted. Here’s what you need to know:

Is wealth preservation important as demographics change dramatically over the next 15 to 20 years in Canada? Or are today’s taxing requirements so great that governments need to tap into wealth accumulation immediately? Those are a few of the tax policy questions to be answered as federal and provincial budget season arrives in Canada this month. A recent federal government report provides some good clues as to what may lie ahead.

Canadians have a unique perspective on tax refunds – they seem to love them! Taxpayers have the tendency to use the refund as a savings strategy, according to our February poll. It’s something the pros don’t necessarily agree with, but 75% of them felt that reducing tax withholdings would have no benefit in helping Canadians manage their money.

Do you know why we celebrate St. Patrick’s Day as a day of luck and good fortune? We’re pleased to share some fun facts and folklore about the luck o’ the Irish and extend a lucky charm to you: a special tuition offer.

New from Knowledge Bureau: Join the Society of Real Wealth Managers™.  It’s a national network of financial specialists who enable peace of mind by taking a multi-stakeholder approach to family wealth management.  Professional collaboration is so important in uncertain financial times. Become a charter member at an introductory fee, upskill and get connected today.

At 8 pages, the 2019 T1 return is the longest tax form in history.  It could also be the most complex, says Evelyn Jacks, President of Knowledge Bureau. With tax season beginning, professionals who are not yet familiar need to learn about the changes to the forms, line numbers and the detailed legislation behind them. 

It all takes much too long: that’s the message the Taxpayer’s Ombudsman had for the CRA with the release of report that culminated in 15 recommendations focused on cutting incredibly long wait times for tax assessments and adjustments. What’s considered too long? Taxpayers, professionals, CRA and the Ombudsman appear to have very divergent views.