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 federal government announced on January 24 that a new exemption would be available on hospital parking costs for patients and their visitors. Comments on the proposals are to be submitted to Finance Canada by February 24.

If you lived in a prescribed northern or intermediate zone for a period of at least six consecutive months beginning or ending in a taxation year, you may claim the Northern Residents Deduction on Line 255 by filing Form T2222 Northern Residents Deductions.

Very important changes are coming through for those who have assets offshore.

Our school is growing and we are looking for highly engaged, enthusiastic and committed individuals for the positions of Assistant Registrar, Income Analyst, and Sales Executive.

Keeping up-to-date on what’s new in tax and refreshing your skills in time for tax season is critical. Ensure your knowledge and tax skills are current with Intermediate Tax Preparation.

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