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.

At some time in the lifecycle of a business, the owner/manager must deal with the sale or succession of their business. In Accounting for Business Transitions, understand the business issues involved and know what financial information is required to make decisions during the sale or transfer of the business.

The Investment Income Calculator provides a step-by-step method for planning investment income for a single client or a couple over a four-year period and will quickly determine the tax impact on investment income and help you reconfigure solutions when alternative saving strategies are required. Try a free trial today!

Soar higher, think bigger, and drive your future value proposition and results. Don’t miss our 11th annual Distinguished Advisor Conference, November 9-12 in Horseshoe Bay, Texas. Early bird pricing ends June 30.

The stellar performances of our young Canadians at the Sochi Olympics seem to have inspired the Federal Finance Minister as he released his 10th budget today.

Revenues are expected to increase by 2.9 per cent in 2013–14 and then by an annual growth rate of 4.7 per cent over the forecast period ending in 2019. Some highlights appear below; followed by detailed tables from the Budget.

Several interesting provisions were tabled in this budget, most notably a change to the way taxpayers apply for the Goods and Services Tax Credit.