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:

Use Knowledge Bureau’s Donations Savings Calculator to help determine the tax savings and after-tax cost of charitable donations. Try a free demo!

Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts will take effect on January 1, 2014 based on an indexation increase of 0.9%, CRA has announced.

The Canada Revenue Agency (CRA) recently released an article titled “What You Should Know About Digital Currency”.

The income tax treaty that was first signed on November 11, 2012 between Hong Kong and Canada (the Treaty) was officially ratified and declared in force as of October 29, 2013.

Can employed and self-employed people claim the same expenses for home offices at tax time? The answer is no. Whether you are employed or self-employed matters; the following checklist can help you determine where your deductions fit.

Microsoft Canada had been illegally overcharging for its Intel-compatible PC operating systems and software since 1988. This was claimed in a class action lawsuit against Microsoft Corporation, Microsoft Canada Co. and the Attorney General of Canada (Intervener), by Pro-Sys Consultants Ltd. and Neil Godfrey at the Supreme Court of Canada.