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:

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Join Canada's most prolific tax author, Evelyn Jacks, and Knowledge Bureau's special guest instructors at the full-day, comprehensive Personal Tax Bootcamp. Approach the busy 2014 tax season with the best tax mindset – enrol you and your team by January 10.

December 15 was the official print date of the 2013 income tax forms (as contained in General Income Tax and Benefit Package for 2013) and as of that date these forms have been available in EverGreen Explanatory Notes and can be viewed, downloaded, and printed by all current self-study students as well as to EverGreen subscribers. These forms will not be available for download from the CRA website until January 3, 2014.

The Governor of the Bank of Canada, Stephen Poloz, told a business audience at the Canadian Club in Montreal on December 12 that it is imperative to keep interest rates at their current historical low in order to stave off the threat of deflation.

The Canada Revenue Agency (CRA) stated that there is no evidence that the $381,000 rebate cheque issued to mob boss Nicolo Rizzuto in 2007 while in prison was due to fraud, collusion or corruption by its employees.