Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

In introducing a new carbon tax on September 1, 2018, the Manitoba provincial government is planning to return at least some of it back to taxpayers by way of personal and business tax cuts, while it grapples with debt servicing costs that have exceeded a billion dollars for the first time. 

March 13 and 14 are important days in Canadian financial history as both the RRSP and Old Age Security Benefit celebrate their birthdays.

CRA started processing refunds later than in the past this year, on February 26.  We asked Knowledge Bureau Report readers what they thought of that, given that refunds would now be delayed into March.  The good news is that the CRA does seem to be abiding by the ten-business-day turnaround promised.

Are you a small-business owner thinking about hiring a highly qualified bookkeeper? Or perhaps you are thinking about expanding your own skills and credentials to handle your own financial matters better in house? Getting your business affairs and tax information in order is very important as CRA is clamping down with increased audit activities these days. 

Guest columnist Dr. Michael Graham, two-time guest lecturer at Knowledge Bureau’s Distinguished Advisor Conference, muses about the economic and political volatility of the day and what Canadian investors can expect as March gathers steam, post-federal budget.  Early registration for this year’s outstanding 15th Anniversary DAC is March 15 – RSVP now.

You don’t have to be Irish to experience some luck this St. Patrick’s Day. Take advantage of our “Luck of the Irish” Special, available now until March 31st 2018.