Wildfires: Apply for Taxpayer Relief Provisions
It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.Saskatchewan Provincial Budget
The 2014 Saskatchewan provincial budget was delivered on March 6. The budget was the seventh consecutive balanced budget in the province.
Manitoba Provincial Budget
The Manitoba provincial budget was tabled on March 6. Two new tax initiatives were announced.
British Columbia Provincial Budget
The premier of British Columbia tabled the 2014 provincial budget on February 18. The budget contained a number of tax-related changes, not all of which were directly related to income tax.
Taxation of Small Business Dividends in 2014
The 2013 Federal Budget announced that, beginning in 2014, the gross-up of small business dividends will be reduced from 25% to 18% and that the federal dividend tax credit will be adjusted as well. The net result is a slight increase in the taxation of other than eligible dividends at the federal level.
Scholarships, Bursaries and Fellowships May Not Be Taxable
Great news! Students who win awards to go to school now qualify for full tax exemptions, if they qualify for the full-time education amount.
Audit Defence - Documenting the Client Experience
Stand up with professionalism to potential legal challenges from CRA or other family stakeholders. Register by May 15 for early bird rates.
