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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With the hope that it will assist taxpayers in determining the legality of their transactions before incurring significant costs, the Canada Revenue Agency (CRA) and the Income Tax Rulings Directorate (ITRD) have announced a one-year pre-ruling consultation pilot project. 

The Department of Finance is seeking the input from Canadians on how to protect consumers in all areas of the marketplace.

The 2013 Federal Budget announced the phase-out of the Federal Labour Sponsored Venture Capital Funds Tax Credit (LSFTC) which will affect claims for taxation years 2015 and 2016.