AUTHREP Changed July 15

Since July 15, the "Authorize a Representative" service in EFILE, accessed through tax software, will no longer be available. Tax professionals must now use the Represent a Client (RAC) portal to request online access to a client’s account.

Our sons participated with gusto in many sports: hockey, lacrosse, soccer and marathon running.  In the chief role of road warriors, we charioted cherubs from one sportsplex to another. These activities provided physical, social, team and leadership skills that continue to be priceless, despite the often exorbitant price tag.

Tax and financial advisors take note: Within its reasons for judgment in a recent case, the Tax Court of Canada (TCC) has made some interesting comments about the due diligence defence as it pertains to subsection 163(1) of the Income Tax Act, and about how this defence can be successfully used in the context of a penalty under subsection 163(1).

We experienced another enormous market swoon this week; as reported by various media, the Dow Jones Industrial Average (DJIA) dropped almost 1100 points on Monday, charting the largest ever drop in the markets and closing 600 points down in its worst trading day since 2011.

Advisors who work with corporate clients, real estate holders and high net worth individuals will want to sharpen their knowledge in advanced tax, retirement, succession and estate planning strategies by hearing Canada’s leading experts on the subjects starting the last week of October.

On September 2, make sure you check out our Breaking News Issue of Knowledge Bureau Report.

Average undergraduate tuition fees have risen to just under $6000 a year in Canada since 2010; an increase of 16% in just five years.