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.

Fight with the neighbor? An ex-partner? There are tax reasons to make up and repair burnt bridges: tax snitching can be nasty. 

CRA issued IT 518 to overview their position with regard to the deductibility of food, beverages and entertainment. Reasonable amounts may of course be deducted, if incurred to earn income from a business or property.

Investors seeking safety and guarantees often have segregated funds in their non-registered investment portfolio. Segregated funds are mutual funds wrapped up with a life insurance policy to provide a death benefit as well as a guarantee of principal.

Avoid owing more than $3,000 at your balance due date.

Knowledge Bureau will be reporting live with highlights from the 10th Annual Distinguished Advisor Conference November 10-13. Tune in to the key nuggets our 24 distinguished speakers will impart! Follow the action on Twitter with @knowledgebureau.com and #KBDAC. Be sure to also join us for the announcement of the location and theme of next year's DAC!

It’s ALL TAX, ALL DAY—and it’s going to be fun! Shake out the cobwebs: Get ready for the busy 2014 tax season in this fast paced workshop focused on changes in personal tax planning, 2013 T1 tax forms and all the details you need to really dig for every tax deduction and credit your clients are entitled to. Be an early bird and save – early registration ends November 30.