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.Larry Frostiak at the Knowledge Bureau Corporate Tax & Year-End Planning Bootcamp
Attendees to this year’s Corporate Tax & Year-End Planning Bootcamp, hosted by Knowledge Bureau, will provide attendees with the background they need to plan and prepare T2 returns for small businesses. Knowledge Bureau is proud to introduce its featured instructor, Larry H. Frostiak, FCA, CFP, TEP.
Investment Income Planning
The Investment Income Calculator provides a step-by-step method for planning investment income for a single client or a couple over a four-year period. The calculator deals with TFSAs, registered investments (including RPPs, RRSPs, RESPs, and DPSPs) as well as non-registered investments.
Give the Gift of Financial Literacy
The Money Matters: Financial Lessons for Life 2014 calendars are full of timely and relevant money matter tips and make wonderful client gifts. Ensure your calendars with a pre-order – the 2013 calendar sold out! English and French calendars available. Order by August 15.
Character Conversion Transactions Get a Reprieve
The federal government gave character conversion transactions a mid-summer reprieve on July 11, making the transition process somewhat easier for companies that use derivative forward agreements to change the character of income transactions to capital transactions.
Average Tax Refund Increases in 2013
CRA answered close to 3 million calls this past tax filing season, and 20 million—or over 76% of tax filers—filed electronically this year, an increase of 17% over last year.
Solutions to Cottage Tax Problems
One of the most difficult asset transitions can involve the family cottage. In this second of a two-part article in family cottage planning, Knowledge Bureau author David Christianson discusses potential solutions to this sticky issue.
