Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.Practice Management: The Ultimate Canadian Paperless Tax Office
Year end tax planning includes upgrading tax office environments to substantially increase efficiencies. The proof appears to be in the pudding: TaxCycle users are reporting a 41% decrease in paper printing and handling, 30% more accurate tax preparation and 21% time savings per client engagement.
Less Than a Month Away: Strategic Practice Management a Highlight at the DAC
How do advisors successfully engage multiple generations in a digital world in order to build and sustain family wealth?
More Seniors Than Babies: Eight Drivers Towards a New Tax Strategy
It’s an important cross-over: for the first time, Canada’s 65-year-olds have outnumbered children ages 0 to 14.
FATCA is Here for Good
The first transfer of Canadian banking information to the Internal Revenue Service was completed September 30, as reported last week. That was the result of a September 16 appeal in which The Honourable Mr. Justice Martineau of the Canadian Federal Court in Vancouver ruled that the U.S. Foreign Account Tax Compliance Act (FATCA) legislation is both legal under Canadian law and not inconsistent with the U.S./Canada Tax Treaty.
Family Dynamics Aside, Income Was Reportable
An argument that is mathematically possible will not avail a taxpayer who is found by the Court not to be credible. That was the unfortunate result for a taxpayer who took on CRA in a case of unreported income.
Six Reasons Why: TFSA a Powerful Wealth Builder for Millennials
Last week we discussed reasons why an increased TFSA contribution limit is very helpful in building wealth for seniors. But the TFSA is an even more powerful tool for millennials, who should maximize their contribution room to build a tax-free retirement surplus that is potentially increased by the longer compounding time afforded to the young.
