Podcast: Automatic Tax Filing - Will It Work?
Last week Taxpayers' Ombudsperson François Boileau tabled his annual report: In Pursuit of Better Service: Taxpayers Deserve More. once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years. Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution. A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive. Consider the following:Adjusted Family Tax Cut: Was Spouse A Student?
Last week, CRA reminded families to apply for the generous new Universal Child Care Benefit (UCCB) being delivered to families this week. But there may also be more good news: enhanced Family Tax Cut dollars available for the 2014 tax filing year for families in which one spouse was a full- or part-time student... $2 to $750 more in fact.
Five Steps To Calculating 2015 TFSA Contribution Room
A new version of form RC343 has been released by the CRA to calculate TFSA contribution room for 2015, taking into account the new 2015 contribution limit of $10,000.
Two-Parent Families With Kids: $85,000 Is Median After Tax Income
The Canadian Income Survey for 2013 was released by Statistics Canada on July 8. While things are virtually unchanged from 2012, some interesting facts emerge about the income levels earned by Canadian families.
Selling the US Vacation Property
With real estate prices soaring in the US and the Canadian dollar falling in value against the greenback, Canadians who invested in a vacation property in the US may be tempted to sell their US cottage and purchase a Canadian cottage instead.
Advanced Payroll – A Great Course for Every Bookkeeper
The technical side of payroll, if done incorrectly, can cost the employer or the employee money, not to mention incurring penalties with the Canada Revenue Agency.
Underground Economy: Teaching to the Perils Part of a Professional’s Role
The Underground Economy (UE) is a significant global problem that causes economic erosion for all participants in the financial eco-system. However, it also presents an opportunity for professional tax and financial advisors to rise to the occasion in educating their clients on the issue.
