Bill C-31: Royal Asset and New CRA Powers Could Come Soon

Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:

The Age Amount is a non-refundable tax credit found on Line 301 of Schedule 1 of the federal tax return (provincial amounts may vary).

Doug Nelson, author of Master Your Retirement, looks deeper into the questions you should ask yourself when considering each of the seven retirement plan components.

If you plan to attend school or work temporarily in the U.S., you may technically be deemed a U.S. resident for tax purposes.

Now’s the time to prepare for next tax season by upgrading the skills of you and your team. Start the DFA-Tax Services Specialist™ Designation program for the “a-ha” moments and finish it for the opportunity to connect and differentiate. Enrol by June 15 and attend DAW as our guest.

Money and finances play such a critical role in our day-to-day lives, yet it can be one of the most uncomfortable and polarizing topics to discuss. Break taboo and learn to broach financial topics with a plan. Purchase your copy of Financial Fotographs today – makes a great graduation gift!

Learn to prepare final returns in the most tax-efficient manner and expand your career by adding estate planning to your list of services. Enrol in Final Returns on Death of a Taxpayer.