Should Deposit Insurance Be Raised from $100,000?

The Canada Deposit Insurance Corporation’s (CDIC) deposit protection is automatically applied when investors deposit money with a member bank or credit unions.  The object is to protect depositors should a bank fail.  The good news?  There has not been a deposit insurance payout in almost 30 years.  But now the framework is under review and both advisors and their clients may wish to weigh in, in particular because the deposit insurance limit is currently only $100,000 in specific deposit categories. 

The new T1 return includes a space to send the taxpayer’s email address to CRA.

Recently, the Tax Court of Canada (TCC) levied interest and gross negligence penalties against five taxpayers who were shareholders and operators of a family restaurant.

This is a continuation from last week's article, "Are You Planning Retirement for your Clients?"

Are you spending enough time consulting with your clients who are unincorporated Farmers and Fishers? 

Port Elgin, Ontario’s Marlene Donaldson recently completed the T1 Professional Tax Preparation course with Knowledge Bureau in order to better understand tax changes for the current income tax year as well as to update her skills to better prepare for the upcoming season.

We have all heard people say they would rather be at work than take a holiday.