Wildfires: Apply for Taxpayer Relief Provisions

Canadians affected by wildfires may also be concerned about the tax consequences of lost records or missed filing deadlines. Fortunately, the CRA offers Taxpayer Relief Provisions for circumstances beyond a taxpayer’s control. These can apply in cases involving natural disasters, serious illness or death in the family, or errors made by the CRA—any of which may lead to late or incomplete tax filings and trigger penalties or interest. Here’s what you need to know.

A recent Globe and Mail article cites a Royal Bank report in which 46% of Canadians over 55 felt they weren’t saving enough for retirement. Worse still, 31% of Canadians hadn’t started saving for retirement yet. This is an opportunity that tax and financial advisors can help with. Tax refunds coming back now can be a great trigger for the question: how tax efficient will your retirement income be?

“Be curious. Enjoy the process. Marvel at life and its richness as you go along.” — Dr. Susan Biali, M.D.

How cash-strapped are your clients, really? Tax and financial advisors need to make that question a priority to really help younger clients before times get tougher for some. The Canadian Press, for example, recently reported about a survey by Manulife in which they found that “nearly three quarters of Canadian homeowners…would have difficulty paying their mortgage if their payments were to increase by more than 10 per cent.”

"Best DAW yet!" The spring Distinguished Advisor Workshops (DAW) started this week in Vancouver to great fanfare by our attendees. Here’s what some had to say:

Over the past fourteen years, the Distinguished Advisor Conference (DAC) has established its reputation as the most comprehensive and strategic educational conference available to tax and financial advisors. Experts and visionaries from all sides of the financial services industry offer their wisdom on how you can sharpen strategic and technical skills required to best serve your clients in this time of significant change.

Laramie Tan-Amit has gained confidence in her role as a Professional Tax Practitioner and Bookkeeper. “The designation has given me confidence and legitimacy as a practicing tax professional. Combined with my in-depth knowledge in accounting, I can better serve my clients thanks to the knowledge and skills I attained from the course.”